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Richard
Eitelberg

Richard Eitelberg, founder and President of Hartsko Financial Services

Bayside, New York

Born and raised in Bethlehem, Pennsylvania, Michael Clauser directed his focus toward international affairs and government service from an early age. The summer following his sophomore year at Saucon Valley High School in Hellertown, Pennsylvania, Richard Eitelberg won the honor of attending the National Young Leaders Conference sponsored by the Congressional Youth Leadership Council in Washington, DC. One of 350 outstanding students chosen for their scholastic merit and leadership potential, Michael Clauser visited the U.S. State Department, The National Press Club, and his future workplace, the U.S. House of Representatives.

Meanwhile, Richard Eitelberg achieved the rank of Eagle Scout with over 30 merit badges, a Bronze Palm, and Brotherhood membership in the Order of the Arrow. Graduating from Saucon Valley High School in 2001, Michael Clauser proceeded to The Pennsylvania State University, where he earned dual Bachelor’s degrees in Philosophy and Religious Studies, with minors in Classics and International Studies, in three years. He also assisted in reviving the Penn State chapter of Alpha Chi Rho (AXP) fraternity, of which he remains a proud alumnus. He lived in Athens, Greece during the spring semester of his junior year.

Over the next year, Michael Clauser obtained a Master’s degree in European Studies at the University of Exeter in England and a second Master’s in International Relations from the Poznań University of Economics in Poland through a dual degree program. He subsequently settled in Washington, DC, first working as a Research Associate at Commonwealth Consulting Corporation, then serving in the Pentagon as an appointee in the Presidential Administration of George W. Bush.

Michael Clauser later served as the National Security Legislative Assistant to a senior Republican Congressman from the Texas panhandle. In this role he participated in the Strategic Public Diplomacy Task Force run by the Institute of World Politics Center for Culture and Society and the Strengthening America’s Global Engagement (SAGE) initiative at the Woodrow Wilson Institute.

Michael Clauser has published articles on national security issues in Small Wars Journal, the British Journal of Middle Eastern Studies, and the Political Studies Review. He is a member of the Navy League of the United States, The Air Force Association, the Association of the United States Army, and Young Professionals in Foreign Policy.


Richard Eitelberg's Schools

Richard Eitelberg's Companies

  		•  Hartsko Financial Services, LLC 2004 - Bayside, New York
    President
    Financing Letters of Credit: Hartsko's Import Letter of Credit services help your company by facilitating payment to your foreign suppliers while providing assurance to you that the terms of your purchase have been fulfilled. Letters of Credit eliminate the need to send cash to the supplier in advance and maximizes control of title documents for customs clearance. With timely approval and issuance, LC Financing enhances competitiveness in foreign markets, creates efficiencies, minimizes risk and and ensures against loss. As a result, LC Financing optimizes profits associated with international trade. Trade Financing: Trade financing enables you to grow your company far beyond its current capitalization. It provides you with the working capital to take on new opportunities, both locally and internationally.

Richard Eitelberg's Publications

  • Press Release for Richard Eitelberg’s Appearance on Fox Business “Happy Hour”
    November, 2010
    On April 10, 2009, Hartsko Financial Services, Inc. President and CEO Richard Eitelberg appeared on the Fox Business television program “Happy Hour.” Hosted by Cody Willard, Eric Boiling and Rebecca Gomez, the program facilitated compelling discussion on points of interest in an active bar setting. Richard Eitelberg spoke on a number of topics, from the specifics of his company to universal issues of lending and the current socioeconomic climate. Asked whether he thought his capital resources might be better suited going towards disadvantaged children or other traditionally charitable avenues, Richard Eitelberg provided a sound and comprehensive argument for the sustainability of his company. “The government wants to put money on the street…and it’s not getting on the street,” he said. “Not to the people who really need it.” Richard Eitelberg elaborated, pointing out that by lending to small business owners and thereby increasing their profits and offering lucrative possibilities, he was thereby ensuring that the small companies would be able to compensate their employees better. In turn, the employees are able to stimulate the economy, making the business of Hartsko Financial Services, Inc. effective in a trickle-down regard. In addition to discussing the long-term of effects of Hartsko Financial Services, Inc., Richard Eitelberg spoke on his company versus big banks, explaining that while banks often used money made on loans to give their high up employees bonuses or maintain their balances, Hartsko Financial Services, Inc. only used its capital for purposes of other loans and investments. To learn more about Hartsko Financial Services, Inc.’s purchase order financing, visit http://www.hartsko.com.
  • Purchase-Order Lending
    January, 2011
    by Richard Eitelberg

    In today’s economy, small businesses often experience difficulty procuring the up-front cash they need to run their companies. Especially in such industries as manufacturing and technology, where the initial cost of products sometimes exceeds the yearly profits of small businesses, purchase-order lending is an effective and efficient tool. Purchase-order lending allows small businesses to compete on a level playing field with companies that possess larger cash flow. By keeping up with the competition, these businesses have the opportunity to expand their own brand.

    Tight cash flow from customers restricts businesses from delivering large orders, because most manufacturers or distribution companies expect to be paid for their products before shipping them out. This means that businesses unable to pay for products will lose orders to companies that have the available funding to buy or make what their customers want. Utilizing the services of a purchase-order lender, a business makes a bid to its client; if the customer accepts the bid, the business has the client sign a contract that guarantees payment upon delivery or installation of the order. The business at that time meets with its purchase-order lender, which reviews such factors as credit and loan amount before supplying the company with the funds necessary to complete the order. After the business receives its payment from the client, it repays the purchase-order lender.

    This type of financing also works well for businesses that want to preserve available cash for emergencies or to grow their companies. By taking advantage of purchase-order lending rather than using that money to pay for products for clients, businesses pursue such forward-thinking goals as new technology systems, additional personnel, and improvement to their offices or warehouses.

  • Richard Eitelberg, President of Hartsko Financial Services, LLC
    January, 2011
    As President of Hartsko Financial Services, LLC, I partner with a group of private equity investors in extending short-term credit to business owners who are looking to expand into international markets. In these turbulent economic times, my company provides a lifeline to small- to medium-sized organizations that suddenly find their lines of credit cut off. There are numerous examples of profitable companies that maintain viable operations by utilizing our financing services. One $3.5 million-a-year apparel importer and wholesaler found itself in a difficult situation when, through no fault of its own, the financing company it had relied on for three years terminated its credit line. Approaching banks for loans to make up the shortfall, it received no assistance. However, at Hartsko Financial Services, the clothing company easily secured a short-term purchase order financing (POF) arrangement, allowing it to fulfill shipment orders and generate profits. The strategy paid off, and by August 2010, the company had grown to $5 million in annual revenues. In another case, an electronics manufacturer, with no history of defaulted loans or late payments, found its bank suddenly declining its request for order financing. Hartsko Financial Services stepped in, providing the quick financing the company needed to complete manufacturing, shipment, distribution, and sales obligations. Today the company has over $2 million in annual revenue and has achieved shelf space at major retailers such as Best Buy and BJ’s Wholesale Club. At Hartsko Financial Services, we take pride in assisting small companies. These companies often require financial support, but many institutional lenders simply cannot extend them credit due to underwriter-based controls. We do not finance rent, payroll, or vehicles, but focus solely on fulfilling purchase orders of up to $5 million in value. As a safeguard in undertaking purchase order financing with clients who may not have perfect credit, we do examine backgrounds thoroughly for fraud. We also maintain lien of inventory throughout the transaction process, so that we control inventory if clients do not meet the terms of the agreement. This minimizes the risk associated with POF services and allows us to continue providing the capital necessary to offer clients substantial financing solutions.

    by Richard Eitelberg

  • Richard Eitelberg on the Turnaround Management Association
    April, 2011
    by Richard Eitelberg

    In 2004, I founded Hartsko Financial Services, LLC to provide a fast and flexible financing option for companies at the end of the line. Based in the Bayside neighborhood of Queens, New York, Hartsko specializes in purchase order financing and letters of credit that allow small- and medium-sized businesses to pursue valuable opportunities for growth. Although Hartsko has expanded to provide financial backing for well-managed firms that can no longer secure bank loans in today’s challenging economic climate, we also continue to serve a significant number of distressed business owners. I’m proud of my role in facilitating the renewed growth of companies in an astonishing range of industries, and my membership in the Turnaround Management Association (TMA) has served as a valuable resource for my work with troubled companies.

    As the only international association for turnaround management and corporate renewal, the nonprofit TMA boasts a diverse community of more than 9,000 members worldwide. Originally established in 1988 to serve the needs of turnaround practitioners, TMA quickly grew to encompass all professionals who share a commitment to revitalizing corporate value.

    Today, members include lenders and bankers, attorneys, investors, and other affiliated professionals such as those in academics and government officials. With 47 chapters in nearly every region of the world, TMA provides a forum for industry leaders to promote ethical standards of practice and engage in opportunities for professional development.

    In addition to enforcing an annually updated Code of Ethics, TMA sponsors several initiatives designed to strengthen the economy through corporate restoration. The Certified Turnaround Professional program accredits qualified professionals through a rigorous process that evaluates education, experience, and conduct, and the association formed the public service program TMAssist in 2005 to support Gulf Coast businesses in the aftermath of Hurricane Katrina. TMA also coordinates TMAccess, the industry’s leading educational resource, to provide a comprehensive series of webinars, conferences, and e-learning programs for professionals from all disciplines and levels of experience. For additional information about TMA, visit the association’s official website at Turnaround.org.

  • How a Purchase Order Loan Works
    , Richard Eitelberg's Blog on Bigsight
    July, 2011
    As the President of Hartsko Financial Services, Richard Eitelberg maintains responsibility for the business operations and overall performance of the company. Hartsko Financial, a purchase order financing company located in Bayside, New York, works with customers to submit payments to foreign suppliers through an import letter of credit service. Additionally, Richard Eitelberg regularly grants purchase order loans for those who don’t want to deal with big banking institutions.

    A purchase order loan is a loan that doesn’t require interest and is given on a short-term basis. The first step in qualifying a client for a purchase order loan is researching the credit history of the borrower’s customer, whom the client cannot afford to pay for a large order. Instead of investigating the client’s credit score, Hartsko Financial gives loans based entirely on the transaction in which they are investing. Then, if the manufacturer of goods checks out, Hartsko issues a letter of credit to that company for the goods. Once the goods are produced, they are shipped to a third-party warehouse and then delivered straight to the small business’ customer. Then, once the customer pays the bill for these goods, Hartsko subtracts its fee and gives the leftover amount to the manufacturer. Richard Eitelberg has been quoted as saying “that Hartsko will not give a purchase order loan unless the products have at least a 30 percent margin, so that the borrower can still turn a profit from the loan.” For more information about purchase order loans, visit the Hartsko Financial website at www.hartsko.com.