The employee-owned arts and crafts retailer will leverage the credit line to support rebounding sales following the Covid-19 pandemic
CAMBRIDGE, Mass.–(BUSINESS WIRE)–#SMBs—Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced that its Asset-Based Lending team provided a $4 million revolving line of credit to Artist & Craftsman Supply (A&C), a national provider 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 art material suppliers in the country.
Employee-owned since 2016, A&C was continuing to expand its national footprint while seeking a strategic relationship with a financial institution 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 grow sales above pre-pandemic levels.
“At A&C, our goal is to support our customers and employees, and for our products to be a vital resource in support of creativity,” said Rob Dingman, President at Artist & Craftsman Supply. “From the beginning, it was apparent to me that our partners at CSB would help us to achieve our greatest potential. They have been flexible, well-organized, and readily available to meet our unique needs. The team has proven their willingness to do whatever it takes to help our business thrive.”
“Our expert team works as an extension of each and every client we serve by taking a creative, 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 Rob and A&C’s employees have for the company has been contagious throughout the financing process. Our investment in their success goes beyond the recent lending package, and as A&C continues to flourish and evolve, we will be right by their side supporting them on the journey.”
CSB was first referred to A&C by the company’s advisor and the founder of R. Klein Consulting, LLC, Ruben Klein. With guidance from CSB and Ruben, the credit facility has enabled A&C to refinance existing debt with a more favorable lending structure. Ultimately, this provided the company with the liquidity needed to scale the business following the impact the pandemic had on its sales.
When conventional lending options are not the best solution, CSB’s Asset-Based Lending division can provide much-needed liquidity to help organizations fulfill growth plans. Whether a business is looking to borrow funds for growth, recapitalization, working capital, or an acquisition, CSB has the financing options that can help companies meet a variety of business goals.
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, Treasury Management and Trade Services solutions. To learn more about CSB’s custom solutions for commercial entities, please contact John Bobbin, First Vice President, Senior Asset-Based Lending Officer at email@example.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 Kroll Bond Rating Agency reinforcing the bank’s position as a reliable business lender. To learn more about how CSB 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. Member FDIC. Equal Housing Lender.
About Artist and Craftsman Supply
Artist & Craftsman Supply, an employee-owned company, has been providing artists with excellent materials at competitive prices since first opening 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, sale preparation, and corporate professionalization. The company serves Privately-Held Companies, Family Offices, and Private Equity Firms throughout New England. For more information, please visit: rkleinconsulting.com.