Hitachi Launches New Government Finance Division
Hitachi Business Finance and its newly formed Hitachi Government Finance are now offering businesses more options to capital through the formation of a new government receivables division.
Located between Baltimore and Washington, D.C. in Columbia, MD, Hitachi Government Finance is focusing solely on providing working capital to businesses that provide goods and services to federal agencies and select local governments or those who work as subcontractors to large government prime contractors. The new division will help clients mobilize for new contracts, make payroll, purchase supplies and equipment, and pursue expansion opportunities.
Prospective clients range from small, economically disadvantaged businesses to mature, publicly operated and traded companies in the U.S. with monthly financing needs from $50,000 to $25 million. Industries include professional and non-professional staffing, logistics, IT services, accounting, program management, security, facility operations and maintenance, and products.
“The addition of the government finance team allows us to broaden our reach across the state and country,” states Mike Semanco, Hitachi Business Finance division president. “The federal government spends hundreds of billions of dollars annually awarding prime contracts to companies across the nation. We are pleased to offer a specialized financing solution to help those companies fund new business opportunities.”
The government finance team is being led by Joe Bennett, division manager and industry veteran who previously served as SVP of Commerce Funding Corporation, a government contractor factoring company. While there, he was responsible for structuring and negotiating the purchase of accounts receivables for clients, as well as conducting due diligence reviews of federal contract portfolios with an emphasis on cash-flows, Federal Acquisition Regulations terms and conditions, and overall contract performance.
Joining Joe is Gayle Dorsey, also formerly with Commerce Funding. She served as SVP of Sales for more than 20 years. During that time, she developed and managed a portfolio of accounts with an annual factoring volume in excess of $120 million. She is an expert in federal and municipal government finance and in raising capital for small and disadvantaged businesses.
“With the strong leadership of Joe and the industry expertise that Gayle brings, we are looking at making significant strides in the government financing arena,” said William H. Besgen, president and COO of Hitachi Capital America. “This addition is another key step as we work to broaden our lending capabilities across the United States.”