NORTHBROOK, Ill., Jan. 20, 2015 /PRNewswire/ -- Beacon Funding is pleased to announce that its Bankers Leasing Group has successfully completed a finance project with North Suburban YMCA. Beacon Funding structured a $600,000 multi-draw capital lease to fund a new HVAC system which was installed during the 4th quarter of 2014. Final control work and testing will be completed this month.
Located in Northbrook, Ill., North Suburban YMCA (NSYMCA) opened in 1968 and serves communities in the Northern Suburbs of Chicago with the goal of building spirit, mind, and body through hundreds of activities and classes available to the youths of the area. Since 2008, NSYMCA has been in the process of replacing the building's nine HVAC systems with new, energy-efficient systems for its 80,000-square-foot facility. The facility's most recent HVAC system upgrade, financed through Beacon Funding, will more resourcefully deliver comfort to YMCA members and staff.
"After 48 years of use, these systems are on their last legs," said Howard Schultz, CEO North Suburban YMCA. "This particular HVAC system was failing us, but we still needed to fund this project in the most cost-efficient way possible. Beacon Funding made it possible for us to quickly and efficiently replace this system with financing that was affordable while remaining effectively feasible for us to move forward."
"This project had been held up for months because of entanglements with efforts to go through bank financing," Schultz said. "Beacon Funding cut through the paperwork and got it done in a matter of weeks."
Beacon Funding was introduced by NSYMCA's primary bank to provide lease financing for the significant project. Similar to other equipment financing programs previously deployed for other organizations, Beacon Funding is helping NSYMCA remain a viable and thriving organization able to fulfill their mission for the next chapter of their history.
"Beacon Funding, through its Bankers Leasing Group division, was honored to assist such an important and active organization in our community with this mission critical HVAC financing project. We are also honored to be a proud sponsor of North Suburban YMCA via its capital campaign," said Jeff Armstrong, Vice President of Beacon Funding's Bankers Leasing Group.
"In addition, our CEO, Sam Oliva was recently elected to North Suburban YMCA's board of directors. Our partnership with the Y has truly been a win-win, and we look forward to a long, mutually beneficial relationship."
ABOUT BEACON FUNDING CORPORATION
Celebrating its 25th Anniversary, Beacon Funding Corporation has been providing equipment financing solutions to all types of organizations and businesses throughout a variety of industries in the United States and Canada. Beacon Funding focuses on being a specialist in the select markets it serves. As a result, Beacon differentiates itself by offering start-up and existing business clients a wider range of equipment leasing and financing options. For more information, please visit beaconfunding.com.
ABOUT NORTH SUBURBAN YMCA
The YMCA is a not-for-profit entity and relies on donations to make services available for all families and individuals in its 15-city region. All board members are volunteers, who donate their time, talents and financial resources. Located at 2705 Techny Road in Northbrook, the YMCA has served the northern suburbs of Chicago for over 45 years. The Y is about youth development, healthy living, and social responsibility, providing programs and services that address the needs of its diverse community and are accessible to all. For more information or to make a donation, visit www.nsymca.org.
Jeff Armstrong, Vice President
Bankers Leasing Group, a division of Beacon Funding Corporation
SOURCE Beacon Funding Corporation