Equipment Financing in the Mohawk Valley

Industrial roots, working machines

The Mohawk Valley is the passage around the Mohawk River, between the Adirondacks and the Catskills. Utica, Rome and Schenectady are its industrial cities. Today the economy rests on logistics, industrial processes, machinery and industrial services, with agriculture as an important sector and the barge canal and railroads still moving heavy cargo. For a small business in this setting, equipment is not a luxury. A lathe, a truck or a tractor is the means of production.

Three questions before you buy

Will it be busy enough?

A CNC machine that runs one shift a week may not repay its cost. One that runs two shifts of paid work will. Look at your order book, not your hopes.

Who is paying, and when?

If the new equipment is for a large customer that pays on net terms, include working cash in the amount you request. A machine that is paid off before the customer pays leaves payroll exposed.

What happens if it fails?

Know the service history, the parts supply and the backup plan. A used machine from a trusted source may be a better value than a new one with a long lead time.

What the valley buys

• Fabrication and machining. Tooling, cutting equipment, and inspection tools.
• Freight and delivery. Trucks, trailers and refrigeration units.
• Farm operations. Tractors, milking and storage equipment, and haying gear.
• Construction and site work. Excavators, trailers and compact equipment.
• Food and hospitality. Kitchen equipment for restaurants and caterers who serve events and visitors, including those drawn by large regional venues such as Turning Stone Resort and Casino in Verona.

The payback test, with illustrative numbers

For illustration only, suppose a shop wants to add a $60,000 machine and expects it to bring in $4,000 a month in additional work. At that rate, the machine covers its price in 15 months before costs such as operator time, power and maintenance. If those costs take a quarter of the revenue, the payback period stretches to 20 months. Equipment that pays back in a few years can be a good buy; equipment with a long or uncertain payback needs closer scrutiny. These are round numbers for explanation, not our terms or a typical result.

Keep the vendor conversation open

Ask the equipment vendor what it will hold and for how long. Some quotes expire, and some machines in demand sell before a decision is made. If funding can arrive within 24 hours, you can ask the vendor to hold the machine while you apply. Keep your quote handy, and note the delivery timeline, since a long lead time may change when you need the funds.

Application

We fund $25,000 to $5,000,000, with funding in as little as 24 hours. We consider FICO scores of 500 or higher, ask for about three months of business bank statements, and do not require tax returns. The application takes about five minutes and uses a soft credit pull. Sole proprietors can apply. Start your application.