Cambridge Savings Bank Supports Cascade School Supplies with $8.8 Million Credit Facility to Support Growth and Infrastructure Improvements

Dec 29, 2023

Financing package will enable the local distributor of school and office products to accelerate post-pandemic recovery, and achieve scale via B2B bidding and catalog sales

CAMBRIDGE, Mass., January 19, 2023--(BUSINESS WIRE)--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 an $8.8 million credit facility to Cascade School Supplies. Based in North Adams, MA, Cascade retails a wide range of educational materials to public schools in the Northeast, while also meeting the office supplies and furniture needs of various other organizations.

Founded in 1928, Cascade is a family-owned business with 25 full-time employees. It was adversely impacted by the pandemic-induced shift to online learning and needed the working capital to boost its infrastructure as well as unlock new revenue streams via catalog sales and B2B bidding. The credit facility provided by CSB will support Cascade's efforts to expand its sales channels and make infrastructure improvements.

"We commenced our search for a new banking partner at a critical inflection point in our company's trajectory, and quickly realized that the CSB team was uniquely attuned to our needs," said Pete Cote, President at Cascade School Supplies. "Its Asset-Based Lending team's service level, as well as their commitment to providing flexible financing options that reflect the realities of our business, made CSB an immediate standout. We’re thrilled to be working with them as we look to scale and optimize our business."

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 an array of suitable financing options.

"Once we met with Pete and his strong management staff, it was an easy decision to partner with this nearly century old, local business, to help drive growth as they continue to rebuild from the challenges that the pandemic introduced," said John Bobbin, First Vice President, Senior Asset-Based Lending Officer at CSB. "CSB has always been passionate about supporting local businesses, and our team is thrilled to provide Cascade the funding required to continue to faithfully serve hundreds of schools and other organizations throughout the northeast."

CSB's commercial division is focused on serving the needs of its 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 protected].

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 Cascade School Supplies

Cascade is a North Adams, MA based distributor of a full line of school supplies for grades pre-K through 12. The company was founded during 1928 by Robert Wells primarily selling plasticware and paper products. The company's market focus and product offering evolved through the years and by the early 1950s Cascade streamlined its strategic focus on sales of school supplies and school furniture. In subsequent years Cascade shifted its geographic focus to school districts primarily in the northeastern U.S. During the year 2012 the Company began bidding on the school procurement process nationally. Cascade currently carries a full line of office, art and crafts, furniture, and general supplies. To learn more about the company, you can visit: cascadeschoolsupplies.com.

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