Windmead Financial passes a manufacturer's request, made by phone at (217) 335-6680 or through the short form, to funding partners, and a partner decides on any offer.
Invented cases for Coles County, IL manufacturers: payroll before a large order ships on a line or a term loan, steel and tooling draws, pallet racking over 36 months, a used press brake at two terms, and what a request for a welding cell brings, beside County Business Patterns 2023 manufacturing counts.
At a glance
- Manufacturing (NAICS 31-33), Coles County, IL
33 employer establishments, 1,774 paid employees (CBP 2023)
- Annual payroll, Manufacturing, Coles County, IL
$118,318,000 (CBP 2023)
- Fabricated Metal Product Manufacturing (NAICS 332)
7 employer establishments, 417 paid employees (CBP 2023)
- Manufacturing with a ZIP 61920 address
15 employer establishments (ZBP 2023)
Term loan or credit line for payroll before a big order ships? A Coles County, IL manufacturer view
A manufacturer that builds a large order runs payroll for weeks before the order ships, then waits again for the customer to pay. In this invented example, a Coles County, IL manufacturer has a biweekly payroll of $9,400 and a 60-day stretch between starting a large order and collecting on it.
Sixty days hold 4 or 5 biweekly paydays, depending on where the first falls, so the payroll inside the stretch is $37,600 or $47,000 in this invented example. Taking the 4-payday case, drawing $9,400 on a credit line on days 0, 14, 28 and 42 at a 12.95% annual rate and paying the whole $37,600 back on day 60 costs $520.27 of interest in this invented example, figured as simple daily interest.
A term loan for the same amount runs on a fixed schedule of months or years, so its interest keeps running after the customer's payment has closed the gap, while a line stops charging on the day it is paid down. A term loan fits better when the money goes into something that lasts, such as a machine.
County Business Patterns counted 33 manufacturing employer establishments (NAICS 31-33) in Coles County, IL in 2023, with 1,774 paid employees and $118,318,000 of annual payroll, and 33.3% of them had fewer than five employees.
Credit line uses for Coles County, IL manufacturers: steel orders and tooling
Raw material is the first money a manufacturer spends on an order, and a steel supplier may want payment on delivery. In this invented example, a Coles County, IL fabrication shop draws $16,300 on a credit line for a steel order at a 12.7% annual rate and pays it down 45 days later, when the first parts made from it are invoiced and paid. The draw costs $255.22 of interest in this invented example.
Tooling, such as punches, dies, cutters and inserts, wears with every run and is replaced on a cycle the shop can plan for, so it suits draws on the same line rather than a separate loan each time.
Finished goods waiting on a shelf for a customer's release are a different cost again, closer to what inventory financing pays for over a set term.
Manufacturing equipment financing: a Coles County, IL example built on pallet racking
Pallet racking (uprights, beams and wire mesh panels) stores raw material and finished goods above the floor, so a shop can hold a larger order without renting outside space. In this invented example, a Coles County, IL manufacturer prices two rows of racking at $12,640, delivered and assembled.
Three years of payments at an 11.55% annual rate put the racking at $417.12 a month in this invented example. The 36 payments total $15,016.32 in this invented example, which puts the interest at $2,376.32.
Anchoring racking into the floor slab is property work outside this site, so the request names the racking itself. Other equipment cases with their own numbers are on the equipment financing page.
Financing a used press brake for a Charleston, IL metal fabrication shop
A press brake bends sheet and plate into brackets, panels and enclosures, and a fabrication shop that sends its bending out can bring that work in-house with its own machine. In this invented example, a Charleston, IL metal fabrication shop prices a used 100-ton hydraulic press brake with tooling at $68,500, financed in full at a 9.2% annual rate.
| Term | Monthly payment | Payments total | Interest |
|---|---|---|---|
| 60 months | $1,428.61 | $85,716.60 | $17,216.60 |
| 72 months | $1,241.56 | $89,392.32 | $20,892.32 |
Stretching the press brake to 72 months trims $187.05 from each payment in this invented example, yet the shop hands over $3,675.72 more in interest than on the 60-month schedule. Wiring the machine to three-phase power is property work outside this site, and rigging it into place is a separate service; the request names the machine and its tooling.
County Business Patterns counted 7 fabricated metal product manufacturing employer establishments (NAICS 332) in Coles County, IL in 2023, with 417 paid employees and $26,634,000 of annual payroll.
Putting welding cells on an equipment loan: what a Charleston, IL manufacturer brings
A welding cell (a robot or a fixture table, a welding power source, a positioner and the guarding around them) is equipment a partner may finance as one package. What the manufacturer brings to the request is a short list rather than a single number:
- The integrator's quote, with the robot, the power source, the positioner, the guarding and the programming each priced on its own line
- Business bank statements and, if a partner asks, recent financial statements
- The parts the cell will run, described in plain terms
- How the cell will be powered and vented, since that wiring and any fume extraction ductwork are property work outside this site
None of these items is required by every partner; a partner may ask for more or less, and it decides whether to make an offer. ZIP Code Business Patterns put 15 manufacturing employer establishments at a ZIP 61920 address in 2023, and the Charleston, IL page shows that ZIP's other counts. The 2024 Nonemployer Statistics listed 48 manufacturing businesses in Coles County, IL with no paid employees.
By Windmead Financial · Updated