71.7 F
Los Angeles
Wednesday, Jun 29, 2022

Hana Financial lines up $100M factoring credit line

Downtown-based Hana Commercial Finance Inc., a factoring and trade finance subsidiary of Hana Financial Inc., established a new factoring credit line through the issuance of $100 million in note borrowings.

The financing package has an “accordion feature” that enables Hana Commercial Financial to increase the credit line to $300 million.

Since its inception in 1994 by Sunnie Kim, Hana Financial has reached more than $25 billion in factoring volume and loan originations.

Hana Financial Inc. specializes in factoring, asset-based lending, and U.S. Small Business Administration lending.

In 2018, Hana Financial ranked as one of the top 10 largest factoring companies in the United States, and one of the most active SBA 7(a) lenders in the nation.

The 7(a) loans are made by banks, credit unions and other lenders who partner with the SBA, which, in turn, provides a government-backed guarantee of up to $5 million on portions of loans. The 7(a) programs include standard bank loans arranged in conjunction with the agency and can be used for buying land, purchasing equipment or working capital.

Factoring is a financial transaction in which a business sells its accounts receivable to a third party, or factor, at a discount. A business will sometimes factor its receivable assets to meet its present and immediate cash needs.

Finance reporter Pat Maio can be reached at pmaio@labusinessjournal.com or (323) 556-8329.

Featured Articles

Related Articles