It’s hard to appreciate how hard it
is to get a loan these days until you actually do it, and Tom Sesti can
definitely appreciate it today. His start-up, Bandals International,
looked near and far before finally landing $250,000 in much needed
funding from Hennessey Capital.
“On a scale of one to 10 with one being easy and 10 being difficult it was 11.5 on some days,” says Sesti, president of Bandals.
Commerce Township-based company makes adjustable thong-style sandals.
It plans to use the money to develop new products, conduct some
marketing and manufacture more of its signature product.
“It’s really very critical,” Sesti says. “We have lots of sales but we need to fund additional growth.”
Bandals is just one of the 10 companies Hennessey Capital
recently financed the expansion of as part of $3.3 million in deals as
of April. Most of those companies (seven) are based in Michigan. Some
of the highlights of these financing transactions include $750,000 for
a Michigan-based distributor of consumer electronics and $50,000 for a
Michigan-based law firm specializing in real-estate title work.
of these deals also focus on manufacturing, ranging from a
Michigan-based furniture manufacturer to a California start-up consumer
products manufacturer. They also went from small $50,000 investments to
$1 million in financing at a time when credit and capital
have been drying up quickly, especially in the industrial Midwest.
Capital is based in Huntington Woods. It specializes in providing
financing for growing companies to continue to expand. Often that money
helps pay for things like expanded payroll or equipment investment.
Source: Hennessey Capital
Writer: Jon Zemke