Hennessey Announces Second Quarter Financing Deals

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Hennessey Capital LLC, a Huntington Woods-based finance company providing working capital to small and mid-sized businesses, announced completion of the following financing transactions in the quarter ended June 30:

* A $1.5 million accounts receivable and inventory line of credit for a Michigan-based precision machine shop to replace its current lender and meet new opportunities for new growth.

* A $1.25 million accounts receivable line of credit for a Michigan-based automotive supplier to assist in financing its new product releases and to meet needs resulting from pent up demand in the automotive marketplace.

* A $250,000 factoring facility for a Michigan-based company building testing cells and servicing the automotive and aerospace industries.

* A $100,000 factoring facility for a Michigan-based distributor of consumer electronics to help finance new orders.

* A $100,000 factoring facility for a repeat Hennessey Capital client based in Arizona that distributes cleaning products to the retail industry.

Hennessey Capital President Mike Semanco said the second quarter financing deals again reflect the firm’s commitment to helping second stage companies take advantage of new growth opportunities.

“Our clients are continuing to see encouraging signs in the marketplace,” Semanco said. “In the absence of traditional credit sources, Hennessey is providing second stage businesses with essential working capital to realize new opportunities. Small to mid-size business successes are critical to a turnaround in the broader economy. In providing working capital to this sector, we can be part of the solution.”

Hennessey provides working capital for growing business-to-business companies that are either pre-bankable but post-revenue, in transition or otherwise do not meet the credit guidelines of traditional bank lending. Products and services include purchase order financing, factoring, asset-based lines of credit, receivables management, business coaching and network capital. Hennessey Capital is part of the Hennessey Group of companies including Hennessey Enterprises and Hennessey Ventures.

More at www.hennesseycap.com.

(c) 2010, WWJ Newsradio 950. All rights reserved.

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