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Hitachi Business Finance Sees Increased Need for Accounts Receivable Financing

Rochester, MI, June 24, 2014 – Hitachi Business Finance, a division of Hitachi Capital America Corp., today announced that the company completed $3.2 million in accounts receivable financing in the past two months.

Of the deals, Hitachi Business Finance provided a staffing firm in Virginia with a $1 million A/R financing solution. The company provides IT, process, productivity, and software consulting to federal, state, and corporate customers. Due to federal spending cuts and the 2013 sequestration, the company witnessed consecutive years of financial hardships and their bank was not interested in renewing their loan. Hitachi Business Finance stepped in, and was able to provide a factoring facility that will allow the owners to pay off their bank line and provide additional working capital to support ongoing growth and operations.

Cash flow and working capital needs are often elevated when new opportunities arise, states Mike Semanco, president and COO of Hitachi Business Finance. “We are seeing a significant swing in company growth both here in Michigan and across the country. As our recent successes indicate, the need to fund high-growth, entrepreneurial companies remains very strong. Clients are using our funding to finance new orders, pursue additional business opportunities, and purchase new equipment.”

Other recently completed transactions from Hitachi Business Finance include:

•$650,000 factoring facility to an LED light fixture distributor in Ohio
•$500,000 factoring facility to a utility technician staffing company in California
•$250,000 factoring facility to a technical and non-technical staffing firm in Michigan
•$250,000 factoring facility to a creator of educational content in Michigan
•$250,000 factoring facility to a security guard staffing firm in Michigan
•$200,000 factoring facility to a graphic design firm in Michigan
•$100,000 factoring facility to an automotive supplier in Michigan

About Hitachi Business Finance
Hitachi Business Finance (formerly Hennessey Capital) is a division of Hitachi Capital America Corp. and provides customized, flexible financing solutions for companies looking for creative options to grow and sustain their businesses. Our solutions include factoring and revolving lines of credit secured by accounts receivable, inventory, and equipment. Based in Rochester, Michigan with offices in Cleveland and Atlanta, we provide financing solutions for small to mid-market companies across the United States. Learn more by visiting www.hitachibusinessfinance.com or calling (248) 658-1100.

About Hitachi Capital America Corp.
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. Learn more at www.hitachicapitalamerica.com