Credit Shortage Threatens Supplier Growth
Detroit Free Press writer Susan Tompor sheds light on the challenges that lie ahead for small to medium sizes businesses, particularly in the manufacturing sector. As analysts proclaim that the recession is over, how do small manufacturing shops access the capital they need to re-set production and re-hire workers? Read the article
Southeast Michigan Has a Lot Going
It is easy amidst headlines of climbing unemployment and bankruptcies abound in Detroit to become disgruntled, frustrated and just plain depressed about the current economic climate and the region’s future. If that is how you feel, you should have been among the 400 individuals that gathered along Detroit’s picturesque riverfront to celebrate the accomplishments of some of Michigan’s most outstanding businesses in technology, professional services and more. The Automation Alley Awards Gala was an fantastic event dedicated to celebrating all of the great things happening in Southeast Michigan - and what prudent time to celebrate. Hennessey Capital was honored to be among those honored. We salute all of the small and medium sized businesses that are making a difference everyday in our region. View the complete list of winners
Where To Turn When Your Bank Credit Line Shrinks Pt. 2: Factoring
Joining us for part two of our previous episode, as we talk more about which strategies work best when your credit line shrinks. In this podcast, we discuss how many entrepreneurs are seeking factoring as an easy and smart way to increase their business’s working capital. The current credit crunch has put a spotlight on factoring - this podcast explains why and how it can be used as a viable option to increase cash flow. We also answer the question; “how does the cost of using asset-based lending or factoring differ from utilizing a bank for funds?” Hennessey Capital President Mike Semanco also shares the one thing business owners should do to keep their business growing during this challenging time.
Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.
A Business Lesson from Basketball
Derek Mehraban, an entrepreneur and social media guru, shares his insights on how businesses can take a cue from the Michigan State University basketball team in his blog post “MSU Spartan Stimulus Package for Detroit, MI”
His post touches on how creating a winning game plan is a critical component to the success of any company and our region. It is apparent that our current economic climate is creating pent up demand for the innovative products and services small businesses have to offer. Those leaders who invest the time now to re-evaluate their company, adjust their business plan and get creative, will surely be rewarded when the economy bounces back.
Small Business Loans Criticized
Monday President Obama released a plan to increase the federal guarantee of small business loans to 90% and decrease fees associated with the loans. However, the action is being met with significant criticism. Read the Wall Street Journal article: Small Business Loans Criticized
CFA Asset-Based Lending Index Reinforces Important Role of Altenative Lenders
An article released yesterday, “Commercial Finance Association Releases 4th Quarter Asset-Based Lending Index” reinforces the important place asset-based lenders hold in the current economic climate. Alternative sources of lending like factoring and asset-based lending, discussed further in episode #1 of Capital Conversations, is becoming an increasingly viable options for entrepreneurs who are still growing their business in turbulent times. Read the article: http://biz.yahoo.com/prnews/090218/ne72275.html?.v=1
