KENSINGTON, Md. — Lafayette Federal Credit Union has entered into a unique partnership with Hitachi Government Finance to drive the CU's commercial lending.
The partnership allows the two organizations to combine 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 and local governments, the $380 million CU said in a statement.
Typical clients have monthly financing needs from $50,000 to $20 million.
Government receivables financing meets the needs of companies looking to finance growth, pay for materials, fund payroll and finance turnaround situations, the CU said.
"Lafayette Federal Credit Union has been looking for additional avenues to offer commercial financing to its members," said CU spokesman Harbaksh Chhatwal. "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, a division of Hitachi Capital America Corp., expressed that its experience in handling government contracts, including assignments and funding appropriations, helps companies maneuver through challenges government contractors face and create responsible financing solutions.
