Cambridge Savings Bank’s asset-based lending team added an additional $6.5 million to an existing credit facility for Purity Services, a healthcare linen rental and commercial laundering company based in New Bedford, MA. Cambridge Savings Bank originally committed $4.35 million to the facility and with the add-on funds, is now providing a package totaling $10.85MM
After adding contracts that will impact its revenue, Purity Services sought a partner to help it refinance its existing debt, increase its working capital line and purchase new equipment.
“The relationship that we have with Cambridge Savings Bank is the reason why we were able to get the additional financing to support our growth,” Chris Deneault, operations manager of Purity Services, said. “It’s our goal at Purity Services to provide our customers with the resources that support smooth and seamless daily operations, and we are pleased to receive that same human-centric quality service with CSB. Yvonne Kizner and the CSB team not only recognize our growth trajectory but also understand the unique needs of our business.”
CSB enhanced Purity Services’ lending options through a partnership with the South Eastern Economic Development Corporation.
“We are excited to deepen our relationship with Purity Services and support their continued success,” Kizner, who is senior vice president of asset-based lending at Cambridge Savings Bank, said. “Purity Services has built a thriving operation by focusing on their customers and tailoring solutions to their needs. Together, we worked to add to their existing financing package that was flexible enough to ensure the company is well positioned to take advantage of future growth opportunities.”
