The asset-based lending team of Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, provided an $8.8 million credit facility to Cascade School Supplies. Based in North Adams, MA, Cascade retails a wide range of educational materials to public schools in the Northeast, while also meeting the office supplies and furniture needs of various other organizations.
Founded in 1928, Cascade is a family-owned business with 25 full-time employees. It was adversely impacted by the pandemic-induced shift to online learning and needed the working capital to boost its infrastructure as well as unlock new revenue streams via catalog sales and B2B bidding. The credit facility provided by CSB will support Cascade’s efforts to expand its sales channels and make infrastructure improvements.
“We commenced our search for a new banking partner at a critical inflection point in our company’s trajectory, and quickly realized that the CSB team was uniquely attuned to our needs,” Pete Cote, president at Cascade School Supplies, said. “Its asset-based lending team’s service level, as well as their commitment to providing flexible financing options that reflect the realities of our business, made CSB an immediate standout. We’re thrilled to be working with them as we look to scale and optimize our business.”
“Once we met with Pete and his strong management staff, it was an easy decision to partner with this nearly century old, local business, to help drive growth as they continue to rebuild from the challenges that the pandemic introduced,” John Bobbin, first vice president, senior asset-based lending officer at CSB, said. “CSB has always been passionate about supporting local businesses, and our team is thrilled to provide Cascade the funding required to continue to faithfully serve hundreds of schools and other organizations throughout the northeast.”
