ROCHESTER – Hennessey Capital, a Michigan-based finance firm offering accounts receivable and inventory financing, is celebrating the success of three clients that leveraged the company’s asset-based lending programs to grow their businesses and obtain additional financing.
Hennessey Capital’s typical clients are often growing and in need of increased cash flow, but do not meet the stringent requirements of many banks. The firm offers a variety of flexible lending options, including accounts receivable financing along with traditional asset-based lines of credit.
“It’s always our goal to provide clients the cash they need to finance new business opportunities. We’re finding that in today’s market, these opportunities are more prevalent than we have seen in years,” said Mike Semanco, president and COO. “By helping clients successfully reach the next stage of their business lifecycle, they’re able to grow and thrive and we’re able to further contribute to the success of Michigan’s economy.”
Control-Tec, located in Allen Park, took advantage of a $1 million commercial finance line of credit from Hennessey Capital in 2011. As a provider of cloud-based telematic data acquisition, management, and analysis services to the automotive, heavy truck, and rail industries, the company was able to make effective and timely business and short-term investment decisions to drive and deliver growth opportunities with the new funding.
“We immediately recognized the potential value and partnership that Hennessey Capital could deliver,” said James R. Megyesi, CFO, Control-Tec. “Our business model was positioned for success, but Hennessey Capital filled the often overlooked need of sustainable cash flow to fuel a growing business. With their assistance, Control-Tec was able to achieve the next level of revenue and profitability.”
Hennessey Capital recently financed two staffing companies, each securing a $250,000 factoring facility to help them hire additional staff to achieve greater growth. The firm also financed a logistics management service company that is using an $800,000 line of credit to address accumulated vendor debt as a result of their growth and the absence of a traditional working capital facility.
For more information, visit hennesseycap.com or call 248-658-1100.