Ask local businesses and families if they have an old vertical bandsaw or drill press you can buy or they would donate. Search craigslist for good deals. If not, you can get a small Ryobi 9" bandsaw. Make sure you get a good quality metal cutting blade to go with it.
If you are a young team on a small budget, don't be afraid of starting out with some Harbor Freight hand tools, Northern Tools. For power tools, a higher quality is recommended for safety and reliability. Don't go thinking you need the best of the best right away either. If you have a limited budget, splurge a bit on something like a good chop saw and power drills which will last you a long time. Slowly, you'll build up a really solid arsenal of tools. If you do have the money, however, get good quality products that will last a long time and be safe. Good drill bit sets always help too.
A personal favorite of mine -
right angle drill with carbide drill bits. Soooo helpful sometimes.
For some good deals - check out Tool Barn.com