Cambridge Savings Bank Provides Artists & Craftsmen with $4 Million Revolving Line of Credit to Continue Strategic Growth Initiatives | Techy Kings

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Employee-owned arts and crafts retailers will tap credit sources to support rebounding sales following the Covid-19 pandemic

CAMBRIDGE, Mass., November 01, 2022–(BUSINESS WIRE)–Cambridge Savings Bank (CSB)a full-service mutual bank with a customer-centric approach and $6 billion in assets, today announced that Asset Based Lending Team provided a $4 million revolving line of credit to Artist & Craftsman Supplies (A&C), a national supplier of arts and crafts supplies headquartered in Portland, Maine. With 22 retail locations across the United States and a strong online presence, A&C is one of the largest suppliers of art materials in the country.

Employee-owned since 2016, A&C continues to expand its national footprint while seeking strategic relationships with financial institutions capable of supporting current and future growth initiatives. The revolving line of credit provided by CSB will allow the company to invest in new technology, implement different marketing strategies and increase sales beyond pre-pandemic levels.

“At A&C, our goal is to support our customers and employees, and for our products to be an important resource in supporting creativity,” said Rob DingmanPresident at Artist & Craftsman Supply. “From the beginning, it was clear to me that our partners at CSB would help us reach our greatest potential. They are flexible, well organized and ready to meet our unique needs. The team has proven their willingness to do whatever it takes to help our business progress.”

“Our team of experts work as an extension of each client we serve by taking a creative and consultative approach tailored to the unique needs of the business,” said John Bobbin, First Vice President, Senior Asset Based Lending Officer at CSB. “The passion and enthusiasm that Rob and the A&C employees have for the company has been contagious throughout the financing process. Our investment in their success extends beyond the recent loan package, and as A&C continues to grow and expand, we will be right by their side supporting they are on their way.”

CSB was first referred to A&C by company advisor and founder R. Klein Consulting, LLC, Reuben Klein. With guidance from CSB and Ruben, the credit facility has enabled A&C to refinance existing debt with a better loan structure. Ultimately, this gives the company the liquidity it needs to boost business following the pandemic’s impact on its sales.

When conventional lending options aren’t the best solution, CSB’s Asset-Based Lending division can provide much-needed liquidity to help organizations meet growth plans. Whether a business is looking to borrow funds for growth, recapitalization, working capital or acquisitions, CSB has financing options that can help companies meet a variety of business goals.

CSB’s commercial division is focused on meeting the needs of their local communities and businesses, offering a full range of Banking and Corporate Lending solutions, Commercial Real Estate Lending, Treasury Management and Trading Services. To learn more about CSB’s customized solutions for commercial entities, please get in touch John Bobbin, First Vice President, Senior Asset Based Lending Officer at jbobbin@cambridgesavings.com.

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with $6 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. In 2022, CSB received an investment-grade rating from the Kroll Bond Rating Agency which strengthens the bank’s position as a reliable business lender. To find out more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come see us to help you get the most out of your banking relationship. Member FDIC. Home Equity Lenders.

About Artist and Craftsman Supplies

Artist & Craftsman Supply, an employee-owned company, has been providing artists with excellent materials at competitive prices since it first opened in Yarmouth, Maine in 1985. The company now has over 20 locations nationwide. To purchase supplies or learn more about the company, you can visit: artistcraftsman.com.

About R. Klein Consulting, LLC

R. Klein Consulting, LLC. provides a full range of financial advisory services, including interim and fractional CFO, turnaround management, sales preparation and corporate professionalisation. The company serves Privately Held Companies, Family Offices and Private Equity Firms throughout New England. For more information, please visit: rkleinconsulting.com.

See the source version at businesswire.com: https://www.businesswire.com/news/home/20221101005083/ms/

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