LONG BRANCH, N.J., Nov. 23, 2010 /PRNewswire/ -- Kiely Equipment Co. proudly announces that it has successfully retired $2.0 million in commercial business loans and leases as of November 2010. The debt, which was used to expand its construction related rental fleet and product inventory, was underwritten by both large and small financial institutions, including GE Capital, Two River Community Bank, Central Jersey Bank and Bank of America.
"I believe that the current economic state calls for a prudent balance sheet to stay competitive. Financial strength will attract both suppliers and customers as we continue to diversify our traffic safety division," said Ben Taylor, Vice President of Kiely Equipment Co.
"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," said John M. Kiely, President of Kiely Equipment Co.
Kiely Equipment Co. is celebrating its 10th year in business and is headquartered in New Jersey. Kiely Equipment Co. is the North American distributor and manufacturer of WheelWash Equipment and also operates a traffic safety business in New Jersey, New York and Pennsylvania. For more information, visit http://www.kielyeq.com.