Cambridge Savings Bank announced that its Commercial Lending team has extended financing to R.J. Forbes Painting Contractor, Inc. (R.J. Forbes) by securing a SBA 504 Loan through Bay Colony Development Corporation, a certified development company whose mission is to provide companies with fixed asset financing at affordable rates and reasonable terms.
The funding will enable R.J. Forbes to construct an entirely new facility to accommodate its growing business. The new site will house its ever-expanding workforce and allow for the addition of a state-of- the-art abrasive blasting and coating process facility. The provided capital allows R.J. Forbes to expand its office and warehouse footprint by more than 30 percent on over four acres in Attleboro and provides storage and maneuvering space for equipment, some which require specific indoor environmental controls.
"Since we opened our doors in 1981, we’ve been focused on becoming our customers’ maintenance partner, earning their trust, and exceeding their expectations,” said Ross J. Forbes, Senior Owner and President of R.J. Forbes. “When we were considering options for a new financial and banking partner, the choice became obvious. We chose Cambridge Savings Bank because they too take a client-first approach. Finding the right partner is crucial to your business and that’s what we’ve found with Brendan Kennedy and the rest of the CSB team. They have been instrumental to our growth over the last few years.”
R.J. Forbes was introduced to CSB in 2017 by their accountant when the company was looking to take advantage of growth they saw in the marketplace—an initiative which required the support of a bank who would take the time to get to know the business, its industry, as well as opportunities to expand. In the first year of their partnership with CSB, R.J. Forbes executed on its growth objectives with the bank’s guidance and support.
“CSB is delighted to have the opportunity to provide a local business with the flexibility and capital to grow their operation, whether it requires additional space, working capital support or to simply serve as a trusted advisor,” said Brendan Kennedy, First Vice President Corporate Lender at CSB. “Our Commercial Banking team is committed to the growth of local businesses in our communities. We provide a wide range of financial services, while working with our customers at a personal level. This fosters a deeper relationship, sets up our clients for success, and enables them to better execute on their growth objectives.”