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Follow on Google News | Magnolia Financial Improves Financing Options with Addition of Commercial Loan DivisionMagnolia 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- “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’ “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 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. Visit http://www.magfinancial.com/ End
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