Hitachi Government Finance, a division of Hitachi Capital America Corp., announced a new partnership with Lafayette Federal Credit Union.
The partnership allows the two organizations to combine their resources to offer government receivables financing and cash management services to companies that range from small, economically disadvantaged businesses, to mature, publicly traded companies that provide goods and services to U.S. government agencies, local governments, and as subcontractors to larger prime contractors. Typical clients have monthly financing needs from $50,000 to $20 million.
“Our experience in handling government contracts, including assignments and funding appropriations, enables us to help companies maneuver through the bureaucracy efficiently,” said Hitachi Government Finance Division Manager Joe Bennett. “Our team has more than 60 years of combined experience, so we are very familiar with the challenges government contractors face and how to create responsible financing solutions that allow for opportunity and growth.”
Government receivables financing is perfect for companies looking to:
- Finance growth
- Pay for materials
- Fund payroll
- Finance turnaround situations
- Prepare for seasonal demands
“Lafayette Federal Credit Union has been looking for additional avenues to offer commercial financing to its members,” said Harbaksh Chhatwal of Lafayette Federal Credit Union. “We feel that teaming up with Hitachi Government Finance is an excellent opportunity for our members to grow their respective companies with a trusted leader in the financial space.”
Hitachi Government Finance is a division of Hitachi Capital America Corp. and provides flexible working capital solutions for companies that provide goods and services to federal agencies and local governments, or who work as subcontractors to large government prime contractors. Based in Columbia, Maryland, the company provide factoring to small- and medium-size companies providing professional and non-professional staffing, logistics, IT services, accounting, program management, and facility operations and maintenance.
Lafayette Federal is one of the premier financial institutions in the Washington, D.C. area. Since its founding in 1935, Lafayette has sought to provide its personal and business members with a safe and convenient place to save, and to offer loans at rates and terms more favorable than those of other financial institutions.