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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.
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.
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
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.
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.
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.
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
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.
NYC agencies are encouraging investments in IndustrialBusiness Zones (IBZ).This is good news for real estate developers and building owners hoping to attract manufacturing and light industrial tenants through redevelopment of their properties. Financial assistance through the NYCIndustrial Development Agency (NYCIDA) can make a sizeable contribution to most capital stacks.
For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the life line that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.
The private, nonprofit agency Consortium for Worker Education (CWE) provides a wide array of workforce preparation, industry-specific training, and employment services for 70,000+ NYC workers every year. Union members, new Americans, and dislocated workers number among the populations served by this essential service provider.
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