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Baystone Government Finance Hits Record for New Business Volume in 2020

February 09, 2021, 07:22 AM
Filed Under: Industry News

Despite the COVID-19 pandemic, Baystone Government Finance closed its most successful year on record in 2020, the company announced.

Baystone was founded 33 years ago in 1987 as the government and non-profit lending division of KS StateBank. The Manhattan, KS-headquartered lender funded more than $261 million in deals in 2020. The average deal last year was near $179,000.

Notably, Baystone provided New York City Fire Department (FDNY) with $3.35 million in emergency financing for 19 ambulances in spring 2020. Baystone also funded two separate deals of more than $4 million dollars each.

“Going into 2020, we did not know exactly what to expect in terms of volume,” said Evan Howe, Director of the Baystone Government Finance Program. “There was a lot of uncertainty. However, it soon became apparent to us that there was more demand than we anticipated from our customers and we were able to fill that demand.”

Howe explained that while Baystone completed many smaller ticket transactions, which is the mainstay of the division’s business, the several large deals played a significant role in the record-setting year. The company saw growth in the emergency marketplace, especially financing fire trucks and ambulances, and school technology. That growth and diversification of the portfolio was another source of success for Baystone in 2020.

“School technology for distance learning has been a particularly strong driver of recent demand,” said Brad Buhrow, Assistant Vice President of Baystone. “The more ‘essential’ the asset, the more likely the equipment lease is to survive potential budget cuts.”

To continue this record-setting growth, in 2021 Baystone will continue to focus on adding and promoting talented individuals in the Government Finance Division of KS StateBank.

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