Word: hellers
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Walter E. (for nothing) Heller _ is a grey-thatched, cigar-puffing financier whose business is taking risks that no prudent banker would consider. As head of Chicago's Walter E. Heller & Co., the largest independent U.S. commercial finance firm, he has helped finance the birth and growth of more than 13,000 small and medium-sized businesses-about one in 23 of all U.S. manufacturing corporations. Heller not only pumps in vital funds where banks shun the risk, but freely dispenses the advice and guidance that many struggling firms need as badly as money. His aim is to make...
...Interest. Shrewd, autocratic Walter Heller is the leader in a fast-growing type of commercial financing that only in recent years has become completely respectable. When banks lend money to firms, they do so on the basis of assets and good credit standing, a yardstick that often rules out loans to small or struggling businesses. Heller, on the other hand, does not bother himself about the borrower's credit, takes on firms with chronic management or financial ills as readily as sound companies that have fallen on hard times. Reason: he accepts a company's accounts receivable...
...Heller gets his own money through regular banking channels at an average interest rate of 5^¼%, charges 12% interest for his loans. Some bankers consider the rate outrageous, but Heller's customers rarely complain. Says a Minnesota businessman now negotiating a Heller loan: "The bank interest, when you consider everything, works out to 8% or 9%, and you have to keep a big balance in the bank, on which you get no credit or interest. For the service Heller performs, his rates are not unreasonable. And we don't have to call Mr. Heller...
Jewel Robbery. Many a sickly baby has grown into a hefty corporate giant under Heller's sure guidance; the firm has given a helping hand to such companies as Continental Motors, National Airlines, Helene Curtis, Tropicana Products and United Artists. The former head of Michigan's Clinton Engine Corp. was so grateful for Heller's help that he recently took a quarter-page ad in the Wall Street Journal to express his thanks. "The average bank doesn't know what sympathy is," says Eugene T. Barwick, president of Georgia's E. T. Barwick Mills, which...
...Other committee members: Chairman of Harvard's Economics Department Seymour Harris, Economist-Educator Beardsley Ruml, and Economics Professor Walter Heller of the University of Minnesota...