Hitachi Business Finance signs $12 million in new business

Hitachi Business Finance, a division of Hitachi Capital America, ended Q4 2014 with the completion of nearly $12 million in new financing solutions, as well as $4 million in requests for line increases.

“We are seeing the business climate improve across the country,” stated Hitachi Business Finance 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.”

Semanco cited the company’s December deal for a $1 million line of credit with an Ohio-based machine parts manufacturer as typical. The manufacturer learned that their largest client’s payment terms were changing to net 75 days, and were in need of a new source of working capital to continue daily operations.

Additionally, the company was seeking additional availability over and above what their current lender was willing to offer.

Other deals included a $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, and a $600,000 accounts receivable financing solution to a government contractor in Georgia.

Line increases for new growth included a $500,000 increase to an OEM tool supplier in Michigan, plus a similar increase to a Michigan-based staffing company; a $1 million increase to an asset-based lender in Massachusetts; and $1 million increase to a staffing company in Michigan, plus a similar increase to a Michigan-based IT managed services firm.