Rockland Trust provided a $4 million revolving line of credit through its Asset Based Lending team to Simonds Saw, a manufacturer of high-quality industrial blades and files for cutting and shaping metal.
The financing was used to refinance existing debt and will provide ongoing working capital support for the company’s growth. Committed to ongoing research and development, Simonds Saw invented the metal cutting Carbide Tipped band saw blade in 1963.
“Simonds has a long history of innovation and a reputation for producing top quality products,” said Daniel J. Landers, senior vice president and executive in charge of Asset Based Lending at Rockland Trust. “We’re thrilled to support their continued growth and look forward to helping them prosper in the future.”
“Rockland Trust has a strong understanding of industrial products manufacturing and is a great fit for our growth strategy.” said David J. Miles, president of Simonds Saw. “They are much more involved than a typical bank and have a deep bench of experienced professionals. We are excited to work with them.”
