Business Loans in the Thousand Islands

A river region built on boats and views

The Thousand Islands is an archipelago of 1,864 islands in the Saint Lawrence River where it leaves Lake Ontario, shared by New York and Ontario. On the New York side the region falls in Jefferson and St. Lawrence counties. The Thousand Islands Bridge crosses to Canada by way of Wellesley Island, and Alexandria Bay and Clayton are the best-known river towns. Boldt Castle and Singer Castle draw visitors, the Antique Boat Museum in Clayton honors the boating heritage, and the area is a UNESCO biosphere reserve. Freighters on the Saint Lawrence Seaway pass through the same channel as pleasure boats.

The waterfront year

A river business has a particular pattern.

• Spring: docks go in, engines are serviced, hotels and restaurants reopen. Costs arrive first.
• Summer: boat tours, rentals, lodging and restaurants peak. Staffing and fuel costs rise too.
• Fall: fishing and foliage extend the season for some. Then it ends abruptly.
• Winter: docks come out, many shops close, and fixed costs continue.

Fishing guides, marine mechanics, contractors and winterization crews often have their busiest weeks at the shoulders of the season.

What to fund and what to avoid

1. Fund capacity that earns in July and August, such as a boat, a dock or a second kitchen line.
2. Be careful with the cost of idle months. A payment is due in January too.
3. Keep a reserve for a rainy summer. One bad month can wipe out a slim margin.
4. Use the off-season for repairs, when contractors are available and statements show the cash.

What we can say, and an illustration

We fund $25,000 to $5,000,000, funded in as little as 24 hours. We consider FICO 500+, review about three months of business bank statements, do not require tax returns and use a soft credit pull. The application takes about five minutes. Sole proprietors can apply.

For illustration only, with round numbers that are not our terms: a Clayton boat-rental business wants to add four rental boats for $55,000 before July. The decision rests on how many extra rental days the boats can realistically book and whether that revenue covers the payments through the winter.

How to read the numbers before summer

A seasonal river business should look at its last full year of bank statements, even though the application reviews about three months. Note the month revenue first picks up, the month it peaks and the month it falls off. Then add a column of costs that continue after the season, including insurance, storage, loan payments and utilities. If the first three months of statements are low because it is spring, say so. Applying in early summer, when deposits are already rising, often tells a clearer story than applying in March.

• Mark the first month of real revenue.
• Mark the last month before the dock-out.
• List fixed costs for the quiet months.

Related pages

See the Thousand Islands overview, the pages for Jefferson County, St. Lawrence County, Watertown and the marinas and boating guide. The application takes about five minutes.