Hitachi Business Finance Sees A/R Financing Growth
Hitachi Business Finance announced that the company completed $3.2 million in A/R financing in the past two months.
Of the deals, Hitachi Business Finance provided a staffing firm in Virginia with a $1 million A/R financing solution. The company provides IT, process, productivity and software consulting to federal, state, and corporate customers. Due to federal spending cuts and the 2013 sequestration, the company witnessed consecutive years of financial hardships and their bank was not interested in renewing their loan. Hitachi Business Finance stepped in, and was able to provide a factoring facility that will allow the owners to pay off their bank line and provide additional working capital to support ongoing growth and operations.
Cash-flow and working capital needs are often elevated when new opportunities arise, states Mike Semanco, president and COO of Hitachi Business Finance. “We are seeing a significant swing in company growth both here in Michigan and across the country. As our recent successes indicate, the need to fund high-growth, entrepreneurial companies remains very strong. Clients are using our funding to finance new orders, pursue additional business opportunities, and purchase new equipment.”
Other recently completed transactions from Hitachi Business Finance include: