Kiely Equipment has successfully retired $2 million in commercial business loans and leases as of November 2010, the company said. The debt, used to expand its construction-related rental fleet and product inventory, was underwritten by large and small financial institutions, including GE Capital, Two River Community Bank, Central Jersey Bank and Bank of America.
“The current economic state calls for a prudent balance sheet to stay competitive,” said Ben Taylor, vice president of Kiely Equipment Co. “Financial strength will attract both suppliers and customers as we continue to diversify our traffic safety division.”
John Kiely, president of the company, added: “Given the financial difficulties that the United States is now experiencing, I think the banks, especially the local institutions, did a great job of being flexible and understanding. However, less debt will certainly give us a competitive edge in the current environment.”
Kiely Equipment is celebrating its 10th year in business and is based in Long Branch, N.J. It is the North American distributor and manufacturer of WheelWash Equipment and operates a traffic safety business in New Jersey, New York and Pennsylvania.