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                                                                   Exhibit 10(m)

Heller Financial, Inc.
500 West Monroe Street
Chicago, Illinois 60661
Tel 312 441 7000
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                            As of December 31, 1999

Mr. Richard J. Almeida
1448 North Lake Shore Drive
Chicago, Illinois 60610

Dear Dick:

This letter agreement (this "Agreement") details the terms and conditions of
your employment as Chairman of the Board and Chief Executive Officer of Heller
Financial, Inc., a Delaware corporation (the "Company"), after December 31,
1999, the expiration of the current term of your employment pursuant to that
certain letter agreement between you and the Company dated as of December 31,
1997.

By this Agreement, the Company agrees to employ you as its Chairman of the Board
and Chief Executive Officer effective as of January 1, 2000, and you agree to
accept such employment under the terms and conditions provided in this
Agreement. In such capacity, you shall have the powers and duties vested in the
office of the Chairman of the Board and Chief Executive Officer under the
Company's by-laws as in effect from time to time. Consistent with and subject to
the ultimate authority residing with the Board of Directors of the Company, you
will have full authority over, and the responsibility for, overall policy making
and the day-to-day operations of the Company. In addition to the foregoing
authority and responsibility, you also may be given such additional authority
and/or responsibility as may be deemed appropriate by the Board of Directors of
the Company from time to time.

The specific terms and conditions of your employment are as follows:

1.   Subject to the provisions of Paragraphs 7 and 11 of this Agreement, the
     term of your employment hereunder (the "Employment Term") shall commence on
     January 1, 2000 and terminate on December 31, 2001 provided that unless
     either you or the Company shall, on or before June 30, 2001, have given the
     other written notice to the contrary, the Employment Term shall be
     automatically extended to December 31, 2002. Your base salary for the
     period from January 1, 2000 through December 31, 2000 shall be $750,000.
     Your salary for each renewal period subsequent to December 31, 2000 shall
     be subject to review by the Company and may be increased by the Company but
     may not be reduced below the level stated in the previous sentence. The
     Employment Term under this Agreement shall not extend beyond December 31,
     2002. If the Company and you wish to continue your employment after that
     date, the terms thereof shall be set forth in a new letter agreement.
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2.   Except as may otherwise be approved in advance by the Chairman of the
     Executive Committee of the Company's Board of Directors (the "CEC") and
     except for services as an outside director for a corporation unrelated to
     the Company as approved in advance by the CEC, during the Employment Term
     you will devote your full business time, attention and best efforts to the
     performance of your duties under this Agreement.

3.   Assuming continued employment, you will be a participant in the Heller
     Performance Plan (referred to herein as the "Annual Incentive Plan") or
     whatever other incentive plan is established in place of the Annual
     Incentive Plan for each calendar year during the Employment Term at a
     target bonus of 70% of base salary, and your Annual Incentive Plan bonus
     from the Annual Incentive Plan or its successor plan will be no less than
     $350,000 per year regardless of the achievement of objectives. Unless
     otherwise agreed to in writing between you and the Company prior to March 1
     of any plan year, your bonus under the Annual Incentive Plan for such plan
     year shall be determined by giving an 80% weighting to the same financial
     measurements that are applicable to all participants in the Annual
     Incentive Plan (in proportion to the relative weightings given to such
     measurements for all participants generally) and two additional non-
     financial measurements, each as determined annually by the CEC and each
     with a 10% weighting. The specific target numbers for the financial
     measurements will be the same as are determined generally for all
     participants in the Annual Incentive Plan. In the event the CEC does not
     communicate new non-financial measurements for a given year, the
     non-financial measurements used for the prior year will be used.

4.   Assuming continued employment by the Company, you will be eligible to
     receive further grants under the Company's 1998 Stock Incentive Plan (and
     any successor plan) to the extent awarded to you from time to time by the
     Compensation Committee of the Company's Board of Directors.

5.   Assuming continued employment by the Company, you will be eligible for the
     executive perquisites outlined in the Company's policies as in effect from
     time to time. Your annual allowance under the Company's Flexible
     Perquisites Program in which you are a participant will be $30,000. In
     addition, on a one-time basis, your expenses associated with the legal
     review of this Letter Agreement will be paid up to $5,000.

6.   You will continue to be covered under all Company health, welfare, stock
     purchase and pension programs, including the "excess IRS" supplemental
     coverage to which you are now entitled. You will continue to receive credit
     for vesting purposes under the Company's Retirement Plan for your years of
     service with Citicorp. You will also receive a supplemental pension under
     the "Supplemental Executive Retirement Plan" which, together with the
     benefits you are entitled to receive under the Company's retirement plan,
     provides you with a benefit equivalent to the amount you would have
     received under the Company's retirement plan without regard to the annual
     retirement benefit limitations of Sections 401(a)(17) and 415 of the
     Internal Revenue Code, as amended from time to time (the "Code").

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7.   (a)  Your employment will terminate hereunder in the event of your death or
          "permanent disability" (as defined below) during the Employment Term.
          In the event of such termination, the Company shall pay to you or your
          legal representatives (as applicable) all amounts and benefits which
          have accrued through the date of such termination but which have not
          been paid out, including, but not limited to, amounts accrued as of
          the date of such termination under the Annual Incentive Plan. In the
          event of a termination of your employment pursuant to this
          subparagraph (a) in the midst of a plan year, payments will be based
          upon performance for the entire year, prorated based upon days to the
          date of termination (but in no event less than a similarly prorated
          portion of any minimum guarantee). Such amounts shall be paid in a
          lump sum to you or to your estate or beneficiary (as applicable)
          within 45 days of the end of the year of such termination. For
          purposes of this Agreement "permanent disability" shall mean a "total
          disability" (as such term is defined in the Company's Long-Term
          Disability Plan) which total disability shall exist for any continuous
          period of 180 days. Termination of your employment hereunder pursuant
          to this subparagraph (a) shall be deemed to occur on the date of your
          death or on a date specified by the Company in a written notice to you
          stating that the Company has determined (pursuant to the terms of the
          Company's Long-Term Disability Plan) that you have become permanently
          disabled.

     (b)  Your employment may be terminated at any time by either you or the
          Company, upon a date specified in a written notice of such termination
          given to the other. If (1) your employment is terminated by the
          Company at its election for any reason other than for Cause (as
          defined below) or (2) your employment is terminated by you at your
          election either (A) because there has been a significant diminution of
          your assigned duties and responsibilities including, without
          limitation, any removal of your titles as either Chairman of the Board
          or Chief Executive Officer or any material diminution of the powers
          associated with either of such positions or (B) within 180 days after
          any date upon which The Fuji Bank, Limited and its subsidiaries shall
          cease to own at least fifty percent voting control of the Company
          (provided that in the case of a termination by you pursuant to
          subclause (A) of this clause (2) you have delivered written notice to
          the Company specifying the diminution in your assigned duties which
          you believe justifies such termination and the Company shall have
          failed to reverse the same or to take all reasonable steps to that end
          within 30 days of its receipt of such notice), then the Company will
          pay you severance benefits consisting of all of the following:

          (i)       Amounts equal to your base salary in effect at the time of
                    your termination through the date twenty-four months from
                    the date of such termination at the same times and in the
                    same manner as your salary was paid during your employment
                    (including the right to defer such amounts under any
                    deferred compensation program covering you) or, at your
                    election in a single lump sum.

          (ii)      For the year in which your employment is terminated, you
                    will receive an Annual Incentive Plan bonus at the
                    applicable target bonus level for the full

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                    year in which such termination occurs. Such bonus shall be
                    paid in a lump sum within 45 days of the end of the year of
                    such termination. If termination occurs on or prior to
                    December 31 of any year, you will not be eligible for an
                    Annual Incentive Plan bonus for any subsequent year.

          (iii)     You will continue to be covered for all allowable health and
                    welfare benefits through the date twenty-four months from
                    the date of such termination and you will continue to
                    receive service credit under the Company's Supplemental
                    Executive Retirement Plan as though you had continued to
                    receive benefits thereunder from the date of termination
                    through the last day of the benefit continuation period
                    described in this clause (iii), provided that in any event
                    you shall receive such additional service credit as shall be
                    necessary for you to have at least 15 years of service
                    thereunder.

          (iv)      You will become vested in any restricted stock, stock
                    options or other rights then previously granted to you under
                    the Company's 1998 Stock Incentive Plan (or any successor
                    plan) as and to the extent provided for in such Plan and any
                    award agreements granted to you thereunder.

     (c)  For purposes of this Agreement, termination of your employment by the
          Company shall be deemed to have been for "Cause" only:

          (i)       if such termination shall have been the result of fraud or
                    criminal conduct on your part which is materially injurious
                    to the financial condition or business reputation of the
                    Company or any of its subsidiaries or affiliates; or

          (ii)      if there has been a material and willful breach on your part
                    of your responsibilities or a willful failure to comply with
                    reasonable directives or policies of the Company's Board of
                    Directors, but, in each case, only if you shall have
                    received written notice from the Company specifying the
                    breach or failure to comply complained of, demanding that
                    you remedy such breach or failure to comply and affording
                    you an opportunity to be heard in connection therewith, and
                    you either shall have failed to remedy such alleged breach
                    or failed to comply within 30 days from your receipt of such
                    written notice or shall have failed to take all reasonable
                    steps to that end during such 30-day period and thereafter.

     (d)  (1)       If your employment is terminated for Cause, you will
          immediately be deemed to have forfeited the right to receive any
          payment or benefits not paid prior to the date of such termination
          (other than accrued and unpaid salary and any prior year's Annual
          Incentive Plan bonus earned but not yet paid) and coverage (including,
          without limitation, future accrual of service credit) under all
          pension, stock and other benefit plans and all perquisites shall cease
          immediately.

          (2)       If you terminate your employment hereunder for any reason
          other than under the circumstances specified in clause 2 of
          subparagraph (b), (A) you will

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          immediately be deemed to have forfeited: (i) the right to receive any
          payment under (x) the Annual Incentive Plan (other than amounts
          accrued but not yet paid) and (y) any long term incentive plan in
          which you participate at the time (other than any amounts due in
          accordance with the terms of such plan but not yet paid), in each case
          as in effect at the date of any such termination; and (ii) salary
          under Paragraph 1 above and perquisites under Paragraph 5 above for
          any periods subsequent to the date of such termination; and (B)
          coverage (including, without limitation, future accrual of service
          credit) under all pension and other benefit plans shall cease
          immediately.

     (e)  Notwithstanding any other term of this Agreement to the contrary, upon
          termination of your employment for any reason, (a) you shall in all
          events receive, when such amounts would otherwise be then due and
          owing, (i) all amounts accrued under the Company's Executive Deferred
          Compensation Plan, (ii) all statutory rights to receive or purchase
          welfare benefits, (iii) reimbursement for unreimbursed expenses in
          accordance with the policies of the Company in effect as of the date
          of such termination, (iv) accrued vacation pay, (v) earned pension
          benefits in accordance with the applicable terms of the governing
          plans, and (vi) all vested monies in 401(k) or other defined
          contribution plans in accordance with the applicable terms of the
          governing plans; and (b) to the extent applicable law or the general
          terms of any defined contribution or benefit plan prohibits the
          provision of any benefit, the Company's obligation to provide such
          benefit shall cease. Furthermore, in the event that the Company does
          not for any reason extend the Employment Term to December 31, 2002 as
          contemplated by Paragraph 1 above, you shall receive such additional
          service credit under the Company's Supplemental Executive Retirement
          Plan as shall be necessary for you to have 15 years of service
          thereunder.

8.   With respect to any dispute or controversy arising under or in connection
     with this Letter Agreement, the parties agree that any such dispute shall
     be submitted to and determined by arbitration in Chicago, Illinois, in
     accordance with the Commercial Arbitration Rules of the American
     Arbitration Association, and the parties agree to be bound by the decision
     in any such arbitration proceeding.

9.   Except as specifically provided in Paragraphs 3 and 4 above, the terms of
     any of the Company's benefit plans and incentive plans referred to in this
     Agreement may be changed by the Board of Directors or any of its committees
     and such changes shall not be deemed to be a breach of this Agreement,
     except that (i) no such change shall adversely affect any benefit accrued
     by you at or prior to the date of such change and (ii) no such change shall
     reduce your health, welfare or pension benefits, unless such changes are
     applicable to all the Company's employees.

10.  The validity, interpretation, construction and performance of this
     Agreement shall be governed by the laws of the State of Illinois.

11.  As you know, in connection with the Company's initial public offering in
     1998, change in control agreements dated as of May 6, 1998 were given to
     certain members of the

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     Company's senior management, including you (the "Change in Control
     Agreement"). In the event that you would ever be entitled to both the
     payments and the benefits described in the Change in Control Agreement and
     the payments and benefits provided in Paragraph 7 of this Agreement, you
     shall have the right to elect whether such payments and benefits are to be
     made to you under the Change in Control Agreement or Paragraph 7 of this
     Agreement, provided that in no event shall payments and benefits be paid to
     you under both the Change in Control Agreement and Paragraph 7 of this
     Agreement.

     By this Agreement, the Change in Control Agreement is deemed to be amended
     to refer to this Agreement rather than your previous employment agreement
     dated as of December 31, 1997. The Change in Control Agreement is hereby
     deemed to be further amended by deleting Section 11(d) thereof in its
     entirety and inserting in its place the following new provision:

          "(d)   You will continue to receive service credit under the Company's
                 Supplemental Executive Retirement Plan (as in effect prior to
                 the Change in Control or, if benefits are increased under such
                 Plan after the Change in Control, as in effect prior to your
                 Employment Termination) as though you had continued to receive
                 benefits thereunder through the end of the 24th month following
                 Employment Termination, provided that in any event you shall
                 receive such additional service credit as shall be necessary
                 for you to have at least 15 years of service thereunder."

     If you agree with the terms of this Agreement, please so indicate by
countersigning and returning the enclosed copy of this letter.

                                          Very truly yours,
                                          HELLER FINANCIAL, INC.


                                          By:  /s/ Nina B. Eidell
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                                               Nina B. Eidell
                                               Executive Vice President

Agreed by:                                Approved by the Compensation
                                          Committee of the Board of Directors of
                                          Heller Financial, Inc.

/s/ Richard J. Almeida                    By:  /s/ Soichi Hirabayashi
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Richard J. Almeida                             Soichi Hirabayashi
                                               Chairman

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