Hennessey Capital Announces Fourth Quarter Financing of Michigan Companies

Online, January 28, 2011 (Newswire.com) - Hennessey Capital LLC, a Michigan-based finance company providing working capital to small and mid-sized businesses, announces fourth quarter financing deals totaling $1.5m through the following transactions with Michigan-based businesses:

• $750,000 A/R and Inventory line of credit for a staffing firm to replace their current lender and increase working capital.

• $500,000 factoring facility for a LED and energy efficient lighting supplier to support payroll and increase inventory.

• $200,000 factoring facility for a cutting tools distributor to increase their working capital and build their business.

• $100,000 factoring facility for a cell tower repair company to improve working capital liquidity.

Hennessey Capital President Mike Semanco says the most recent round of funding reflects the ongoing need of second stage businesses that is fulfilled by non-bank financing options like factoring and asset-based lending.

"Increasingly, small and medium sized companies need to ramp up quickly to meet supplier and customer needs. Factoring and asset-based lending are options that can provide an immediate injection of cash flow so businesses can react to new opportunities, which in turn spurs hiring, purchasing and positive momentum to help stimulate the economy," notes Mr. Semanco.