Madison Village




Madison, OH


Madison Village has been a picturesque village in Ohio since 1867. Run by its own mayor and council, the village is independent and community oriented. Listed in the National Register of Historic places, Madison is proud of its history and optimistic about its future.

In the spirit of improving residents’ quality of life, in 2014 Madison Village needed to replace a 15-year-old snow plow truck. This truck was past its prime and frequently breaking down, causing delays in clearing snow, and costing money to repair.

These expensive snow plow truck repairs took away from the time and budget that could be used elsewhere for the township. The snow-clearing delays diminished residents’ abilities to go about their business on snowy days, impacting daily Madison life and commerce.

In order to make this necessary upgrade, Madison Village found a new snow plow truck to purchase from a Mack Truck dealer, Sidley Truck & Equipment. The village intended to purchase the snow plow truck from Sidley Truck & Equipment for $140K, spreading out payments with a financing plan.

However, Madison Village hit a roadblock when it came to financing this snow plow truck. While Sidley Truck & Equipment had manufacturer financing available, they did not offer the municipal tax-exempt financing that Madison Village needed. The village was looking to spread out the payments for the snow plow truck over 5 years, and would not get the advantageous rates that municipalities expect with tax-exempt financing from Sidley Truck & Equipment’s financing plan.

Sidley Truck & Equipment then referred Madison Village to American Financial Network (AFN) to create a tax-exempt payment structure that worked for both parties.

How an Ohio community used equipment leasing to fund crucial community machinery and improve citizens’ quality of life.

Working with municipal entities has its own unique set of rules and regulations that not all financial organizations can navigate. This story shares how a partnership between a village and a leasing firm led to providing citizens with necessary services and quality of life improvements.


In 2014, Madison Village needed a new snow plow truck for their community. They found a dealership to purchase the truck from, but needed financing to spread payments out over the course of five years.


Although the Mack Truck dealership from which Madison Village intended to purchase the snow plow truck had manufacturer financing available, they did not offer municipal tax-exempt financing.

Municipal Financing Solution

AFN worked with Madison Village to structure a municipal tax-exempt lease-purchase as a five-year lease-to-own plan.


AFN and Madison Village have continued their partnership since 2014 to finance other vital community equipment, such as another snow plow truck, a skid steer, a mini-excavator, and a Ford F550 work truck.

AFN’s Municipal Financing Approach

AFN came to Madison Village with the knowledge and care that the community needed.

As a municipality, the Madison Village qualifies to borrow money at lower (tax-exempt) rates. This qualification occurs because the lender (i.e. AFN in this case) is exempt from federal income tax on the interest earned from lending to the municipality, and AFN passes on that savings to the municipality in the form of a lower rate.

Most companies lack the expertise to properly document municipality transactions like the village’s snow plow truck lease. An added layer of complexity is the need to comply with government regulations and related reporting requirements. These are areas that can often be overlooked and can be costly if ignored or done incorrectly.

By applying AFN’s knowledge and expertise to the project, AFN and Madison Village worked together to structure a 5-year lease-to-own program with the village at advantageous tax-exempt rates.

The lease structure built by AFN met the following requirements for Madison Village:

  • 5-year lease
  • Lease-to-own program
  • Competitive interest rate
  • Municipal transaction documentation
  • Compliance with government regulations and reporting

“I have come to trust AFN with the Village of Madison’s equipment and large vehicle financing needs. They have always been professional and knowledgeable with the government’s process and they always make it as smooth as possible. I have trusted them for many years, and when we are in need of financing options, I do not hesitate to call them. Spencer has always proven to get the financing secured in a timely manner, and documents processed without error.”

Kristie Crockett, Fiscal Officer of Madison Village

How AFN Helped Madison Village

Madison Village benefited from the knowledge, expertise, and boutique-like service that AFN provided. This municipal lending knowledge is typically difficult to find. Large bureaucratic banks are often the only places to go to receive the type of lending that Madison Village received from AFN. However, municipalities like Madison typically don’t receive the same type of attention from these big banks due to the village’s small size.

AFN provided communicative, custom, and meticulous care to Madison Village to provide the necessary funding while meeting all operational requirements.

AFN’s Impacts on Madison Village:

  • Completed the transaction for the snow plow truck
    • Met 5-year lease requirement
    • Set up lease-to-own program
  • Boutique financing services received
    • Ease of process due to AFN’s help
    • Custom and thorough lease structure
    • Reliable follow-through on project goals
  • Municipal financing set up in compliance with government regulations
    • Worry-free financing strategy built due to AFN’s expertise at reporting and compliance
    • Advantageous tax-exempt rate

“We have enjoyed an eight-year relationship with Madison Village and have helped them finance a variety of equipment during that time. I have the type of personal relationship with the village’s finance officer where she knows she can reach out to me for any needs or questions. I am most proud of the fact that she has felt good enough about our interactions to refer other municipalities to me as well!”

Spencer Richman, President of AFN

AFN's Municipal Financing Results

The equipment financed by AFN has positively impacted the citizens of Madison Village. As a result of the new slow plow truck, the delays in snow removal no longer impact residents’ daily life, and the costs that would go toward truck upkeep are used for other community needs.

As a result of this initial project’s success in 2014, Madison Village and AFN have maintained their relationship, furthering the community impact that the partnership has had on the municipality.

Since the snow plow truck in 2014, other municipal financing projects that Madison Village and AFN have taken on together include:

  • 2016: Financed a sidewalk snow plow for $50K
  • 2020: Financed another snow plow truck for $163K
  • 2020: Financed a skid steer and mini-excavator for $95K
  • 2021: Financed a Ford F550 with a snow plow for $92K

Madison Village has also referred AFN to other municipalities to help more communities finance vital equipment needed by the residents and improve the quality of life for their citizens as well.

Today, Madison Village knows AFN as a reliable partner that can be trusted to help them serve their community.