CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Savings Bank (CSB), a full-service mutual financial institution with a customer-first method and greater than $5 billion in belongings, at the moment introduced that its Business Lending crew offered a $2.1 million industrial actual property mortgage and development to everlasting mortgage to amass and renovate a brand new constructing in Hingham, Massachusetts to a particular goal entity managed by Stephanie Hernan, President of Yankee Trader Seafood (YTS), along with a $300,000 working capital line of credit score.
An area, third era, woman-owned seafood processing enterprise, YTS is run by CEO and President, Stephanie Hernan. When Stephanie wanted monetary help all through the pandemic, CSB stepped in to assist with finalizing the acquisition of the corporate’s new property and supported YTS with two PPP loans to navigate the heightened challenges companies have confronted over the previous 2 years.
“Throughout a time of uncertainty that saved us busy and challenged, Cambridge Financial savings Financial institution provided us options that allowed Yankee Dealer Seafood to not solely proceed to function, however to additionally enhance manufacturing and increase our companies,” mentioned Hernan. “I’ve immense belief in Javier and the crew at CSB to stay with us by means of thick and skinny, preserve us on monitor, and provide us steering that may enable us to thrive in any setting. I’ll by no means change banks.”
YTS first engaged with CSB once they leased their outdated property and bought a brand new constructing in Hingham with the intent to renovate and transfer their operations into this house. With monetary help from CSB, YTS transitioned into their new constructing permitting their manufacturing to develop from one meeting line to 3. Along with rising manufacturing of their seafood and meat merchandise — offered to main chains together with BJs, Cease & Store, and Costco — YTS was capable of increase their providing to incorporate meal preparation kits throughout the pandemic. Their merchandise can be bought immediately by means of the company’s website.
Established in 1994, the Hernans have constructed their household enterprise to 31 places with distribution channels nationally and in Canada by means of continued innovation and hiring a crew of extremely educated employees, together with a full-time company chef. Past manufacturing the merchandise, YTS’s cooks have a give attention to product improvement, and repair choose shoppers with tailor-made options obtainable for white labeling.
“Attending to know Stephanie and the Yankee Dealer Seafood enterprise has been an absolute pleasure,” mentioned Javier Bellini, VP, Company Banking Mortgage Officer at CSB. “Regardless of the challenges offered by the pandemic, it’s vital to us at Cambridge Financial savings Financial institution that we help native firms doing enterprise the correct means. We sit up for persevering with to help the evolving wants of YTS as they proceed rising and innovating.”
CSB’s industrial division is targeted on serving the wants of their native communities and companies, providing a full suite of Company Banking and Lending, Business Actual Property Lending, Treasury Administration and Commerce Providers options. Cambridge Financial savings Financial institution is the financial institution you’ll be able to belief to supply personalized companies to fulfill your corporation wants. To study extra about CSB’s customized options for industrial entities, please contact: rkershaw@cambridgesavings.com.
About Cambridge Financial savings Financial institution
Cambridge Savings Bank is a full-service banking establishment with over $5 billion in belongings. As a mutual financial institution, CSB is dedicated to enhancing the standard of lifetime of our staff, clients, and the communities we serve. One of many oldest and largest group banks in Massachusetts, Cambridge Financial savings Financial institution gives a full line of particular person and enterprise banking companies throughout a strong Massachusetts-based department community and thru digital banking options for industrial, small enterprise and client clients. In 2022, CSB acquired an investment-grade score from Kroll Bond Score Company reinforcing the financial institution’s place as a dependable enterprise lender. To study extra about how CSB can meet your wants, go to us at cambridgesavings.com, or higher but, come meet us that will help you take advantage of out of your banking relationship. Member FDIC. Equal Housing Lender.
About Yankee Dealer Seafood:
Yankee Trader Seafood is a family-owned and women-led seafood firm based mostly in Pembroke, Massachusetts. The group is a seafood processing firm and has been producing frozen seafood dishes which can be distributed to nationwide supermarkets and comfort shops for nearly three a long time. Yankee Dealer Seafood has 31 places with distribution channels in the USA and Canada. For extra info please go to: yankeetraderseafood.com.
