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Hennessey Capital to Offer New Financing Program to Factoring Companies

April 17, 2013, 08:00 AM
Filed Under: Factoring News

Hennessey Capital, a division of Hitachi Capital America Corp., announces the launch of its new FactorFinance product. The program provides factoring companies access to working capital lines of credit and ancillary credit support services.

Mike Semanco, president & COO of the Hennessey Capital division, said the new program will not only provide lines of credit up to $10 million, but offers an opportunity for factors to grow their own businesses and benefit from Hennessey Capital’s experience in the industry.

Additional benefits of FactorFinance:

  • Refactor/rediscount excess receivables
  • Participation opportunities
  • Hosted collateral processing platform
  • Backroom support and collateral monitoring 

“It can be challenging for many factoring companies to obtain sufficient capital from banks, due to the specialized nature of the business. Hennessey Capital’s FactorFinance program is intended to help factoring companies gain access to lines of credit so they can help their clients with new sales and growth opportunities,” Semanco adds.

Hennessey Capital’s Jeff Wright will be attending the IFA Annual Conference in April and Toby Dahm will be at the CFA Entrepreneurial Finance + Factoring Conference in June to discuss the FactorFinance program.

Hennessey Capital 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. Facilities range from initial invoicing to $5 million and beyond and are used as primary loan facilities, for restructuring current debt, and funding seasonal or incremental sales growth.

Hitachi Capital America Corp. is an independent, diversified leasing and financial services company providing financing to Hitachi group companies and the commercial business sector in the United States and Canada. Hitachi Capital America offers a variety of asset-based financing solutions with a business focus on truck, vendor, trade, and medical equipment finance, as well as lease discounting and software financing.

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