By Jessica Perry, NJBIZ
January 8, 2019 - TD Bank and TD Equipment Finance and the Cumberland County Improvement Authority have partnered on a program exclusive to the county to help its municipalities lease equipment, at a fixed rate, without the burden of a full request for proposal process.
According to the CCIA, two projects have already been initiated under the Municipal Tax Exempt Leasing Program: one in Commercial Township, which gained a $600,000 fire truck, and another in Vineland, which acquired thousands of “Trash Toters” for $1.9 million.
Per the program, municipalities may fund equipment valued at $100,000 or higher. MTELP can be used for items including public works equipment, HVAC, vehicles, telecommunications equipment, computer systems and other capital investments.
“Municipal equipment financing is an effective way for local governments, school districts and fire commissions to finance equipment acquisitions,” Gerard Velazquez III, president and chief executive officer of CCIA said in a release. “It is gaining in popularity because decision makers in the municipal equipment marketplace are always looking for more efficient ways to get desired equipment affordably and precisely when it is needed.”
TD Bank has headquarters in Cherry Hill.
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