Hennessey Capital Announces Completion of Second Quarter Financing Deals

Written by Barbara Fornasiero Thursday, July 15, 2010 04:05

Hennessey Capital LLC, a Michigan-based finance company providing working capital to small and mid-sized businesses, announces completion of the following financing transactions:

$1.5 million A/R and Inventory line of credit for a Michigan-based precision machine shop to replace its current lender and meet new opportunities for new growth.

$1.25 million A/R 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.

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

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

$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 says 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. In the absence of traditional credit sources, Hennessey is providing second stage businesses with essential working capital to realize new opportunities," says Mr. Semanco. "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 Capital (http://www.hennesseycap.com) provides working capital solutions 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.

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