Financing and Incentives for Advanced Manufacturing HQ
About the Client
Boyce Technologies represents the future in North America for electronic design, advanced manufacturing, and integration. Boyce designs, manufacturers, and sells security and communications equipment for the mass transit market. The company is experiencing exceptional growth, generating more than $50M in annual revenue, but its continued success is dependent on its advanced manufacturing capabilities. Expanding operations locally represents a commitment to New York.
Project Details
- Advanced Manufacturing
- $17.5M Bank and SBA Financing
- $2.6M NYS Tax Incentives
- $2M NYC Industrial Dev. Agency Incentives
Capital Improvement Funding Strategies
ThinkForward developed an expansion funding strategy consisting of multiple financing tracks. We secured incentives from the NYC Industrial Development Agency and funded capital improvements through a $1M cash grant, plus $1.6M in tax credits from Empire State Development. Ultimately, this support was complemented by $17.5M in cost-effective financing through a commercial bank and the Small Business Administration’s 504 program.
Streamlining Project and Operational Costs
Serving as the Economic Incentives Consultant, we approached the project on multiple levels, such as reducing upfront project costs while addressing operational inefficiencies. We also leveraged our relationships within government agencies and commercial banks, further augmenting the pool of potential funding sources: tax incentive programs, cash grants, tax credits, and cost-effective financing.
“The ThinkForward team expertly guided us through every stage of the planning and execution of our new advanced manufacturing plant, from the acquisition of the property to construction and equipment.”
— Charles Boyce, President
Expanded, Cohesive Manufacturing Campus
Boyce consolidated their operations into a 100,000-sf facility housing an expanded team capable of designing new products faster, creating full prototypes in-house, and quadrupling the company’s current capacity. The gut renovation and new addition to a complex of industrial structures resulted in one integrated manufacturing facility and corporate headquarters.
