Equipment Financing Benefits Landmark New England Aquarium
Founded in 1973, the Mystic Aquarium, in Mystic, CT, is a not-for-profit organization, serving the greater New England community. One of Connecticut's most popular destinations, its parent organization is the Sea Research Foundation, Inc., whose mission is to inspire people to care for and protect our ocean planet through education, research and exploration. Business Challenge ï¿½ Sea Research required equipment critical to support its work in marine research, deep-sea exploration and hands-on education.
Sea Research required equipment critical to support its work in marine research, deep-sea exploration and hands-on education.
Sea Research was able to secure financing for the equipment they needed through Somerset Capital Group Ltd., an independent middle market equipment financing company that was well suited to the non-profit's needs.
Quinn Scullion, Vice President of Indirect Originations at Somerset, said, "An independent lender has an advantage over a traditional balance-sheet lender, which is required to adhere to strict quantitative financial metrics and may have stronger regulatory controls. An independent lender has greater flexibility in looking at subjective considerations in how it extends credit."
Somerset gave consideration to a state grant which would support a portion of the lease payment. They also considered the important role that Mystic Aquarium played in the community and concluded that it was likely to remain an important fixture in the community.
Scullion added, "Somerset's CEO lived in the same area and had visited the aquarium, and accordingly was aware of the history and value of Mystic Aquarium. Somerset views its success to be tied into the local community."