Huntington Woods-based Hennessey Capital LLC announced third quarter financing deals totaling $1.4 million. The following transactions took place:
* A $750,000 accounts receivable and inventory line of credit for a Michigan-based precision tool manufacturer to restructure their current line of credit and provide additional availability.
* A $500,000 accounts receivable line of credit for a Michigan-based engineering and IT consulting firm to replace their current lender and address working capital needs in response to new marketplace opportunities.
* A $50,000 factoring facility for a Michigan-based precision machine company to fund additional sales.
* A $50,000 factoring facility for a Michigan-based company providing consulting to clients looking to maximize energy efficiency and conservation. Financing was used to support working capital needs.
* A $50,000 factoring facility for a Michigan-based manufacturer and distributor of metal, wood and plastic component parts for customers in the defense and manufacturing sectors.
Hennessey Capital President Mike Semanco says this latest round of financing reflects the firm’s commitment to helping second stage companies take advantage of new growth opportunities.
“There are pockets of opportunities for growth in the Michigan market and it is encouraging to see younger companies positioning themselves for new sales growth here,” notes Mr. Semanco.
Hennessey Capital provides working capital for growing business-to-business companies that are post-revenue, in transition or otherwise do not meet the credit guidelines of traditional bank lending.
Products and services include factoring, asset-based lending programs, receivables management and business coaching.
Hennessey Capital is part of the Hennessey Group of companies including Hennessey Enterprises and Hennessey Ventures.
More at www.hennesseycap.com.
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