Cambridge Savings Bank Expands Credit Facility to Purity Services
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced that its Asset-Based Lending team has added on to an existing credit facility extended to Purity Services, Inc., a full-service healthcare linen rental and commercial laundering company based in New Bedford, Massachusetts. In July 2020, CSB committed $4,350,000, and has closed an additional $6,500,000 with the full financing package totaling $10,850,000.
Recently having added large contracts that will impact the Company’s revenue, Purity Services was seeking a partner to help them refinance their existing debt, increase their working capital line, and purchase new equipment. As an existing CSB customer, Purity Services turned to the bank for a credit facility that will support their new growth opportunities.
"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,” said Chris Deneault, Operations Manager of Purity Services, Inc. “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 South Eastern Economic Development Corporation (SEED) and were able to add to its package. As a third-generation, family-owned business, Purity Services has been providing linen services to healthcare facilities across Massachusetts and Rhode Island for over 60 years. It is part of the fabric of CSB to support historic local businesses in its communities.
“We are excited to deepen our relationship with Purity Services and support their continued success,” said Yvonne Kizner, Senior Vice President — Asset Based Lending, Cambridge Savings Bank. “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.”
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, Cash Management and Trade Services solutions. Cambridge Savings Bank is the bank you can trust to provide customized services to meet your business needs. To learn more about CSB’s custom solutions for commercial entities, please contact: firstname.lastname@example.org.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship.
About Purity Services, Inc.
Purity Services, Inc. is a commercial laundering and healthcare linen rental service. The company, which is 100% healthcare oriented, processes over 17 million pounds of linens annually with products ranging from bed linens to patient and staff apparel as well as specialized surgical supplies. They provide daily service to acute-care, long-term care and retail clinic healthcare accounts in Massachusetts and Rhode Island. Learn more at www.puritylinenservices.com.