CAMBRIDGE, Mass.– 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.”
