Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, 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.
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.
“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,” Rob Dingman, president at Artist & Craftsman Supply, said. “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,” John Bobbin, first vice president, senior asset-based lending officer at CSB, said. “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, Ruben Klein. With guidance from CSB and Klein, 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.
