Century Old Cortland Company Grows With Help of Unique Loan Program
When Joseph D'Impiro, VP of GE Commercial Finance met John Keeler and Mark Quinn (CEO's) of New Monarch Machine Tool, Inc. he knew he was meeting two entrepreneurial businessmen with the fortitude to take their company to the next level. It soon became clear that they just needed the right financing tools to take that leap. That's when Joe brought in Don DiMartini, VP Lending Greater New York Development Co.
(GNYDC) to talk about a combination financing package to include a unique new loan program- The New Market Loan Fund. Pioneered by GNYDC in NY, the New Market Loan Fund provides long-term low fixed rate financing for businesses and nonprofits in a subordinate loan position. It combines with banks and entities such as GE Commercial Finance to provide an affordable financing.
In the case of New Monarch, GE and GNYDC were dealing with an historical company. First there was Monarch Machine Tool- founded in Ohio in the late 1800's. In the 1940's Monarch acquired a drill press company in Cortland and its combined operations became a NYSE traded company until the late 1990's. The Cortland operations of Monarch assumed all the business and moved into its current location in Cortland in 1969 and
today New Monarch Machine Tool Inc. occupies 135,000 square feet of manufacturing, office and warehouse space.
The company has morphed over the years- starting with the manufacture of lathes and turning centers in the last century to manufacture of multiple types of machine tools including being a trailblazer in vertical machining centers. Over the years, the company has achieved many "firsts" in its industry- it was the first machine tool builder to introduce numerical controls (NC) and computer numerical controls (CNC). These
innovations revolutionized the machining industry making it more efficient, productive and accurate. Despite major competition from foreign companies, New Monarch has managed to retain its niche as a premier machine tool builder continuing to develop new technologies and cutting edge processes. They have even partnered with former foreign competitors to add broader product lines. The company has now branched out to wholesale other manufacturers' machines, supply replacement parts and provide comprehensive service for the installed base of customers. New Monarch's innovative business practices have attracted the attention of European machine tool makers who are now starting to use New Monarch for assembly work. These latest expansion moves are what occasioned the need for financing.
GE and GNYDC put together an affordable financing package to meet the company's needs with GNYDC providing its New Market Loan in a subordinate position and both lenders providing 25-year terms. With the help of this unique financing package, the company is now in a position to continue exploring innovative marriages between its equipment and other technology for new markets- again revolutionizing some of the
industries they touch.
(GNYDC) to talk about a combination financing package to include a unique new loan program- The New Market Loan Fund. Pioneered by GNYDC in NY, the New Market Loan Fund provides long-term low fixed rate financing for businesses and nonprofits in a subordinate loan position. It combines with banks and entities such as GE Commercial Finance to provide an affordable financing.
In the case of New Monarch, GE and GNYDC were dealing with an historical company. First there was Monarch Machine Tool- founded in Ohio in the late 1800's. In the 1940's Monarch acquired a drill press company in Cortland and its combined operations became a NYSE traded company until the late 1990's. The Cortland operations of Monarch assumed all the business and moved into its current location in Cortland in 1969 and
today New Monarch Machine Tool Inc. occupies 135,000 square feet of manufacturing, office and warehouse space.
The company has morphed over the years- starting with the manufacture of lathes and turning centers in the last century to manufacture of multiple types of machine tools including being a trailblazer in vertical machining centers. Over the years, the company has achieved many "firsts" in its industry- it was the first machine tool builder to introduce numerical controls (NC) and computer numerical controls (CNC). These
innovations revolutionized the machining industry making it more efficient, productive and accurate. Despite major competition from foreign companies, New Monarch has managed to retain its niche as a premier machine tool builder continuing to develop new technologies and cutting edge processes. They have even partnered with former foreign competitors to add broader product lines. The company has now branched out to wholesale other manufacturers' machines, supply replacement parts and provide comprehensive service for the installed base of customers. New Monarch's innovative business practices have attracted the attention of European machine tool makers who are now starting to use New Monarch for assembly work. These latest expansion moves are what occasioned the need for financing.
GE and GNYDC put together an affordable financing package to meet the company's needs with GNYDC providing its New Market Loan in a subordinate position and both lenders providing 25-year terms. With the help of this unique financing package, the company is now in a position to continue exploring innovative marriages between its equipment and other technology for new markets- again revolutionizing some of the
industries they touch.
