Hennessey Capital LLC, a Huntington Woods-based specialty finance company delivering specialized working capital solutions, announces completion of $4.8 million of new financings for 11 small and mid-sized businesses, including six Michigan-based companies.

The Michigan clients received a range of new credit structures. Included were:

* A $1 million line of credit to pay off a current bank

* A $1 million credit line to restructure current bank debt

* A $100,000 line of credit for a start-up marketing and advertising firm

* A $200,000 factoring facility to pay off an existing factor

* A $250,000 factoring facility to fund excess borrowing needs beyond a current bank line

* A $500,000 factoring facility to restructure current bank debt

In addition to serving the Michigan market, Hennessey continues to expand its reach beyond the state, with new clients in Pennsylvania, Maryland, Minnesota and Florida receiving the remainder of the $4.8 million financing.

Hennessey Capital President Mike Semanco, who was honored as the SBA’s Michigan 2008 Financial Services Champion of the Year, attributes Hennessey’s geographic growth to a credit market that has tightened dramatically and shows no immediate signs of a reprieve.

“Entrepreneurs need access to capital to do what they do: pursue and grow new business ventures," Semanco said. "With traditional doors to financing closing, more entrepreneurs are relying on asset-based finance solutions to fund their growth."

Semanco added that the surge in alternative financing isn’t a sign that banks are minimizing their commercial lending focus.

“Traditional bank financing isn’t going away, of course," he said. "As a matter of fact, banks are partnering with Hennessey Capital and other alternative lenders on a regular basis as a way to say 'yes' to new business opportunities, even when they can’t serve as lenders in the near term. Banks and alternative financing companies actually have a long and amicable history of working together to help small businesses manage their general banking needs and satisfy their need for working capital. Twelve months ago, the banks would have financed many of the deals we are seeing today. Instead, the tight credit market is forcing businesses to look beyond the traditional means, which has increased our deal flow dramatically."

Hennessey Capital 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 lending programs, mezzanine debt, 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.