Baystone Government Finance Provides FDNY $3.35MM in Emergency Financing
JUN 25, 2020 - 6:42 am
Baystone Government Finance provided $3.35 million in financing for the City of New York. Christina Ummel, assistant vice president of Baystone Government Finance, said the funds will be used to pay for 19 ambulances pressed into service at the height of the city’s response to the COVID-19 pandemic.
“The FDNY had an urgent need for additional vehicles that could be used to transport patients from their homes to medical facilities or between facilities throughout the city,” Ummel said. “The 19 vehicles purchased with the financing include nine Ford E-350s, three Ford E-450s, five Ford F-450s and one Ford S-350.”
Working closely with Baystone, Angie Deming, president of Rochester, IN-based Republic First National submitted a bid for the financing in late March and received approval in early April. The transaction funded on June 4, when the FDNY took delivery of the ambulances.
“We were able to finance FDNY, the largest municipal fire department in the United States, with Baystone as a valued funding partner,” Deming said. “Great partnerships allow for great things to happen. Baystone’s expertise helps us help our customers.”
“State and local governments are facing widescale reductions in tax revenue from the economic and social effects of COVID‐19 while also bearing the brunt of pandemic‐related costs,” Bradley Buhrow, assistant vice president at Baystone, said. “These entities are also encountering increased funding challenges as some bank sources pull back from government financing. Given these new realities, tax-exempt government leasing is becoming critical to states and municipalities to acquire the essential equipment they need to keep our communities running.”
Tax‐exempt municipal leases, also known as lease-purchase agreements, do not require upfront cash outlays. These leases also offer lower financing rates than traditional commercial leases and loans — in some cases, a difference of multiple percentage points.
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