The employee-owned arts and crafts retailer will leverage the credit line to support rebounding sales following the Covid-19 pandemic
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, announced that its Asset-Based Lending team provided a $4 million revolving line of credit to Artist & Craftsman Supply (A&C), a national provider of arts and crafts supplies headquartered in Portland, Maine. With 22 retail locations across the United States and a strong online presence, A&C is one of the largest art material suppliers in the country.
“Our expert team works as an extension of each and every client we serve by taking a creative, consultative approach tailored to the unique needs of the business”
Employee-owned since 2016, A&C was continuing to expand its national footprint while seeking a strategic relationship with a financial institution capable of supporting current and future growth initiatives. The revolving line of credit provided by CSB will allow the company to invest in new technology, implement different marketing strategies, and grow sales above pre-pandemic levels.
Latest Fintech News: JPEX Strengthens Partnership with Simplex by Nuvei
“At A&C, our goal is to support our customers and employees, and for our products to be a vital resource in support of creativity,” said Rob Dingman, President at Artist & Craftsman Supply. “From the beginning, it was apparent to me that our partners at CSB would help us to achieve our greatest potential. They have been flexible, well-organized, and readily available to meet our unique needs. The team has proven their willingness to do whatever it takes to help our business thrive.”
“Our expert team works as an extension of each and every client we serve by taking a creative, consultative approach tailored to the unique needs of the business,” said John Bobbin, First Vice President, Senior Asset-Based Lending Officer at CSB. “The passion and enthusiasm Rob and A&C’s employees have for the company has been contagious throughout the financing process. Our investment in their success goes beyond the recent lending package, and as A&C continues to flourish and evolve, we will be right by their side supporting them on the journey.”
CSB was first referred to A&C by the company’s advisor and the founder of R. Klein Consulting, LLC, Ruben Klein. With guidance from CSB and Ruben, the credit facility has enabled A&C to refinance existing debt with a more favorable lending structure. Ultimately, this provided the company with the liquidity needed to scale the business following the impact the pandemic had on its sales.
Latest Fintech News: Decisiv Completes $15 Million Financing With Morgan Stanley Expansion Capital
When conventional lending options are not the best solution, CSB’s Asset-Based Lending division can provide much-needed liquidity to help organizations fulfill growth plans. Whether a business is looking to borrow funds for growth, recapitalization, working capital, or an acquisition, CSB has the financing options that can help companies meet a variety of business goals.
CSB’s commercial division is focused on serving the needs of their local communities and businesses, offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Treasury Management and Trade Services solutions.
Latest Fintech News: RumbleOn Announces Used Powersports Inventory Financing Credit Facility Agreement with J.P. Morgan
[To share your insights with us, please write to firstname.lastname@example.org]