$10,000 is within striking distance on at least two of my credit cards, and I
really don't make much money; I just pay my bills
So.... if the employee is a machinist, and in good standing, I will not believe he cannot get a $10,000 line of credit, somewhere...
And NO, don't cosign, either.
If for some reason you really want to help the guy out, set up a mini barn with heat and power and porta potty, set up a real loan with a real payroll deduction, and be prepared to get all medievial on him if he fails to live up to the expressed and implied conditions of the loan.
My brother had a shiny little thing lying about his house, it was the size of a 1/4 inch drill bit, I asked "What?", he said "Solid carbide boring bar".
Heck, that could have come home in his pants cuffs, I don't know...
This stuff gets expensive, fast, and when the other employees start getting jealous (because he is a self-starter, risk-taker, etc.), you will have no idea whose stories to trust.
Help him out, but don't give him the keys to the kingdom.
Good Luck,
Steve