GMAC CF Building Furniture Industry Business

September 14, 2006  by in UnCategorized   

By Home Furnishings Business in on September 2006 GMAC Commercial Finance, which has doubled its Greensboro, N.C., office staff since last year, is expanding its business in the North Carolina furniture industry in response to increased demand by manufacturers for finance solutions to support ongoing growth.

The company’s new supply chain finance solution has the potential to improve the three key drivers of financial performance--growth, profitability, and capital utilization.

GMAC CF’s team in Greensboro offers a range of flexible financing programs including traditional factoring, asset-based lending and credit protection services.

“Today, it’s more than just providing money, it’s the flexibility and breadth of sophisticated financing programs and how they are efficiently wrapped around the money that can make the difference,” said John Nooney, Jr., executive vice president and Southeast regional manager of GMAC CF’s Commercial Services Division.

In growing the Greensboro office, GMAC CF recruited seasoned professionals whose personal contacts and industry insights enhance business development and account service capabilities for the Southeast and Midwest.

Clients include Manchester Furniture Group. Earlier this year, GMAC CF provided Manchester with a $15 million senior secured credit line to finance the company’s growth and provide inventory support.

“With goods in production, containers on the water and retailers to satisfy, we rely on GMAC CF’s online tracking and reporting of vital financial information,” said Ron Hahn, principal of Manchester Furniture Group, an import-marketing company with offshore manufacturing facilities in Southeast Asia. “This 24/7 access especially is important when you’re in the midst of a telephone call with customers.”