Everwick Lending Group, a small-business funding service in Pontiac, Michigan, explains machine shop loans for Oakland County shops: machine shop financing, CNC machine loans, metal shop loans, what a machinery loan is, how to get one, and used CNC machine financing, with County Business Patterns figures for fabricated metal manufacturing.
At a glance
- Fabricated metal manufacturers, Oakland County, MI
371 establishments, 9,371 employees (CBP 2023)
- Fabricated metal annual payroll
$638.3 million (CBP 2023)
- Manufacturing employers, county total
1,654 (CBP 2023)
Fabricator and Machine Shop Counts, Oakland County, MI
| Business type | Employers (CBP 2023) | Employees | Annual payroll | Under 5 employees | Without payroll (NES 2024) |
|---|---|---|---|---|---|
| Fabricated metal product manufacturing (incl. machine shops) | 371 | 9,371 | $638.3 million | 28.3% | 178 |
| Commercial machinery repair and maintenance | 90 | 3,976 | $292.7 million | 58.9% | 79 |
Fabricated metal manufacturers paid about $68,115 per employee in 2023 (our arithmetic from Census Bureau, County Business Patterns 2023), above the county's all-sector $72,528, and only 28.3% had fewer than five employees. Manufacturing as a whole had 1,654 employers and $4,436.2 million in payroll in the county.
Machine Shop Financing in Pontiac, MI
Machine shop financing follows the purpose. CNC machines, saws, press brakes and inspection equipment are equipment financing. Material bought for a job and payroll while customers pay on 30, 45 or 60-day terms are a line of credit purpose. A building addition or buying another shop is a term loan.
Pontiac, MI CNC Machine Loan
A CNC machine loan funds a mill, lathe, Swiss-type machine or machining center with the machine as security. A partner reads the dealer quote with control and options, the shop's existing machine payments, its customer list and backlog, and the utilization of the machines it already runs. Tooling, workholding and a probe package can be added to the quote.
Illustration only, invented figures: $260,000 for a five-axis machining center at a 9.5% annual rate over 72 months gives a payment of about $4,751. In this invented example the shop sets that payment against the spindle hours the machine adds each month.
Pontiac, MI Metal Shop Loans
Metal shop loans for fabricators cover press brakes, shears, laser and plasma tables, welding cells and overhead cranes. Fabricators without payroll numbered 178 in the county in 2024 and reported about $69,882 in receipts each on average (our arithmetic from Census Bureau, Nonemployer Statistics 2024); one-person shops finance machines on the same terms as larger ones, read on a smaller scale.
What Is a Machinery Loan for an Oakland County, MI Business?
A machinery loan is a loan to buy production equipment, secured by that equipment. It is a form of equipment financing, set apart by the size of the machines and the partner's need to know their resale market. Machinery with a strong used market supports a loan more readily than custom-built equipment.
How to Get a Loan for Machinery: Steps for Pontiac, MI Shops
- Get the dealer or seller's quote with make, model, year, control and options.
- Add rigging, foundation, power and installation costs.
- Pull bank statements, the last two tax returns and the receivables aging.
- List existing machine loans and leases.
- Dial (248) 301-1846 about the spindle hours the machine adds, or give the amount range on the request form.
A shop that shows its customer list and backlog gives a partner evidence of the work the machine will run.
Used CNC Machine Financing for Owners Around Pontiac, MI
Used CNC machine financing is read on the machine's age, control, hours and condition. A partner may ask for an inspection, a run-off video or a dealer's certification, and may set a shorter term than for new equipment. Machines bought at auction or from another shop need clear title, so ask the seller for proof that no lender holds a lien.
- Year, control and spindle hours
- Inspection or run-off results
- Proof of clear title
- Rigging and installation quote
Receivables and payroll for Oakland County, MI shops
Manufacturing customers pay on terms while the shop pays payroll weekly and buys material up front. A line of credit sized to receivables carries that gap. A partner reads the receivables aging, customer concentration and the shop's history with its main customers. Factoring, the sale of specific invoices, is a separate option that some shops weigh beside a line.
Rigging, foundations and other soft costs of a CNC install
A large machine needs more than its price: rigging and transport, a foundation or reinforced slab, three-phase power, compressed air, chip handling and the dealer's installation and training. Some partners finance these soft costs with the machine, up to a limit; others finance only the machine. Get each cost quoted separately so the request shows exactly what is being asked for, and so the shop can cover anything the partner excludes.
Ask the dealer whether training and the first service visit are in the price.
Machine shop funding beside other Pontiac, MI trades
The article on where machine shops finance CNC equipment compares loans and leases in more detail. Contractors buy from fabricators; see the construction business loans page. The Pontiac, MI business data page has the county's figures, and the industry pages cover the rest.
By Everwick Lending Group · Updated