Daily News: January 16, 2015

Hitachi Business Finance Sees Growth in Q4/14


Hitachi Business Finance ended the final quarter of 2014 with the completion of nearly $12 million in new financing solutions, as well as $4 million in line increase requests.

Of the deals, Hitachi Business Finance assisted an Ohio-based machine parts manufacturer with a $1 million line of credit. The company learned that their largest client’s payment terms were changing to net 75 days, and they were in need of a new source of working capital to continue daily operations. Additionally, the company was in need of a new lender because they needed additional availability than what their current lender was willing to offer. With a new flexible line in place, the company can now further its growth strategy and gain additional market share.

“We are seeing the business climate improve across the country,” states President and COO Mike Semanco. “We continue to add new clients in all industries, as well as assist our current client base as they see growth in their own businesses. These companies are using their new capital to expand, hire new personnel, increase sales, take on new orders, and more.”

Other deals include:

  • $7.5 million lender finance facility to an asset-based lender in Maryland
  • $1 million accounts receivable financing solution to a sorting and quality services company in Michigan
  • $1.5 million accounts receivable financing solution to a government contractor in Ohio
  • $600,000 accounts receivable financing solution to a government contractor in Georgia that was originated through Hitachi Government Finance
  • Line increases for new growth include:

  • $500,000 increase to an OEM tool supplier in Michigan
  • $500,000 increase to a Michigan-based staffing company
  • $1 million increase to an asset-based lender in Massachusetts

  • $1 million increase to a staffing company in Michigan

  • $1 million increase to a Michigan-based IT managed services firm