Daily News: August 7, 2013

Hennessey Capital Funds Manufacturing Companies’ Growth

Hennessey Capital, a division of Hitachi Capital America, continues to witness growth in the manufacturing sector. Of the new clients Hennessey Capital has secured in the past 60 days, 66% are manufacturers, to which Hennessey has provided more than $1 million total.

Some recent deals completed by Hennessey Capital include:

• $500,000 factoring facility to a Massachusetts manufacturer of antimicrobial chemicals to replace their current lender and provide new availability for growth;
• $250,000 factoring facility to a Rhode Island-based manufacturer of medical devices to replace their current lender and assist in funding new sales opportunities;
• $500,000 A/R and inventory line of credit to a steel broker in Michigan to pursue additional growth; and
• $500,000 factoring facility to a trucking company in Florida for post-acquisition working capital needs.

Cash-flow and working capital needs are elevated when new growth and opportunities arise, states Mike Semanco, president and COO of the Hennessey Capital division. “We are seeing a rebound in the manufacturing industry across the country. Companies are taking advantage of our factoring and revolving lines of credit to finance new orders, pursue additional business opportunities, and purchase new equipment.”

In mid-July, the U.S. Federal Reserve reported that U.S. manufacturing output rose in June for the second straight month as factories made more business equipment, autos, and electronics.

Hennessey Capital is a division of Hitachi Capital America and provides revolving lines of credit secured by A/R, inventory, and equipment along with factoring of accounts receivable for small- and middle-market companies across the United States.