Hennessey Capital is helping a number of local business grow by helping fill the void for small business financing.
The Rochester-based company has provided a growing number of local companies with lines of credit as big as $1 million. The credit lines have provided those firms with working capital and allowed them to take advantage of a rebounding economy.
"It (Hennessey Capital's recent business) has been primarily with existing clients and helping them take advantage of opportunities," says Mike Semanco, president of Hennessey Capital
Hennessey Capital specializes in accounts receivable and inventory financing. The 10-year-old company prides itself on offering "flexible lending options, including accounts receivable financing along with traditional asset-based lines of credit." Hennessey Capital's clients are often growing and in need of increased cash flow, but do not meet the requirements of many banks.
Among its clients are Control-Tec
, an Allen Park-based provider of cloud-based telematic data acquisition, management, and analysis services to the automotive, heavy truck, and rail industries. It took advantage of a $1 million commercial finance line of credit from Hennessey Capital last year, which allowed it to grow.
"Our financing made it possible for them to take advantage of those opportunities," Semanco says.
Source: Mike Semanco, president of Hennessey Capital
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.