Hitachi Business Finance recently provided $7 million in working capital to two companies.
Of the new clients that received funding, the first is headquartered in Michigan. The company provides steel fabrication services and is a supplier to many different industries and organizations, including the US Department of Defense. With their $4.5 million line of credit from Hitachi Business Finance, the company now has a more comfortable cash flow position and plans to pay off existing loans, as well as take on additional work.
“Quite a few companies, in all varieties of industries, have been discovering the need for asset-based lending,” said President and COO Mike Semanco.
“Whether it’s been fulfilling a huge order or hiring new personnel, our flexible and tailored lending gives these companies the cash flow assistance they need to take that next step forward.”
Additionally, Hitachi Business Finance was also instrumental in helping a Georgia-based educational provider. After consulting with the owners and learning that future sales are predicted to be at all-time highs, Hitachi was able to offer a $2.5 million line of credit supported by A/R, inventory and equipment. The company plans to use the money to pay down the existing owner and purchase additional inventory.
“Assisting companies in their growth and development is something we are proud to be a part of,” said Chris Mitchell, regional VP and business development officer. “We know that in today’s market, competition is fierce, which is why we take pride in giving companies the working capital they need to rise in the market.”
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