GMAC Commercial Finance Grows Furniture Industry Presence

Furniture World News

GMAC Commercial Finance (GMAC CF) is expanding its furniture industry presence in North Carolina, in response to changes in supply chain relationships and producers’ need to finance ongoing growth with greater precision. “Today, it’s more than just providing money to grow and finance business, 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, Southeast regional manager of GMAC CF's Commercial Services Division. A leader in commercial finance, GMAC CF opened a smaller Greensboro office in 2005, where the professional staff has doubled to four, in providing a range of flexible financing programs including traditional factoring, asset-based lending and credit protection services. 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. Nooney said the world of financing furniture growth is depending more on speed, accuracy and access to financial information, factors he explained persuaded The Manchester Furniture Group, High Point, North Carolina, to work with GMAC CF. “When you’ve got goods in production, containers on the water and retailers to satisfy, we rely on GMAC CF’s online tracking and other vital financial information.,” said Ron Hahn, a highly respected furniture industry executive and principal of The Manchester Furniture Group, a import-marketing company with offshore manufacturing facilities in Southeast Asia. “This 24/7 access especially is really important when you’re in the midst of a telephone call with customers.” Earlier this year, GMAC CF provided Manchester with a $15 million senior secured credit line to finance the company's growth and inventory support. About GMAC Commercial Finance: GMAC Commercial Finance, considered a leader in its segment of the financial services market, provides asset-based lending, equipment finance/leasing, structured finance, factoring and supplier early payment services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $1 million to $350 million range. With locations in the United States, Canada, Hong Kong, Poland and the United Kingdom, GMAC Commercial Finance is positioned to provide lending services worldwide. Learn more at www.gmaccf.com. Headquartered in New York, GMAC CF is part of GMAC Financial Services.