PRZOOM - /newswire/ -
Spartanburg, SC, United States, 2015/05/12 - Addition of Magnolia Capital commercial loans to existing alternative finance products increases flexibility of working capital solutions - MagFinancial.com.
Responding to the needs of the ever-expanding alternative lending space, Magnolia Financial has announced the addition of Magnolia Capital, a commercial loan division, to complement its core products: Accounts Receivable Financing, Asset-Based Lending and Purchase Order Financing programs.
Magnolia Capital provides short-term commercial loans for equipment and capital improvements, serving small to mid-sized manufacturers, wholesalers, distributors and business service providers in the Southeast.
The Spartanburg-based company also announced that Rick Hennecy will lead the new division, which is already proving to be successful. Hennecy brings 18-plus years of banking and financial expertise to his role as Senior Vice President of Business Development.
“Rick’s experience and passion for our efforts will be a valuable asset to the new operation,” Magnolia Financial CEO Gerald Smith said. “Magnolia Capital represents our ongoing commitment to provide flexible working capital solutions that best fit our clients’ individual needs. With Rick spearheading the new division, we have no doubt it will be successful to that end.”
Hennecy, a graduate of Francis Marion and South Carolina Bankers School, exemplifies the diverse background Magnolia values in its executive team. In addition to his years in the banking industry, he gained extensive entrepreneurial experience owning and operating a chain of retail stores in the Upstate and North Carolina. He is a graduate of Leadership Greer and is a Spartanburg Regional Fellow. Hennecy currently serves as a board member for Spartanburg’s Partners for Active Living.
“I am excited to lead this new organization, which will expand Magnolia’s service to businesses seeking term debt from a non-traditional source,” states Rick Hennecy. “Magnolia Capital will provide loans to businesses that do not qualify for a bank debt due to short-term correctable issues. With our help, these companies can reenter the traditional banking environment.”
Founded in 1999, Magnolia Financial (magfinancial.com) is an asset-based lender with offices in Spartanburg, Raleigh and Atlanta. The company provides accounts receivable and asset-based lines of credit to growing companies with a borrowing need of $20,000 to $2 million that cannot be secured by traditional bank financing.