Pitney Bowes announced that the Pitney Bowes Bank has signed a term loan and accompanying revolving line of credit, demonstrating its continued commitment to the small- and mid-market business community. The term loan was signed with pharmaceutical ingredient wholesale distributor SST Corporation (SST) of New Jersey and provides consolidation of existing debt. In addition, a revolving line of credit was extended to help the business compete and grow. For Pitney Bowes Bank the term loan and revolving line are the latest evolution of its range of financial service products which delivers the liquidity and flexibility small- and medium-sized businesses (SMBs) need to succeed.
Founded in New York City in 1948, SST Corporation now occupies an expansive facility in Fairfield, New Jersey from which it manages the storage and control of active pharmaceutical ingredients. Similar to many SMBs currently, SST was impacted by changes implemented by its bank which no longer suited its business. Looking for a complementary capital partner, the business decided on a term loan and revolving line of credit from Pitney Bowes Bank. This facility positions SST for success in 2021 and enables them to capitalize on growth opportunities. In addition, they have the reassurance that comes from partnering with a trusted 100-year old business known for its commitment to the small business community.
Jerry Fasanella, Director of Finance and Operations, SST said, “We felt pushed out by our primary lender. Their policies and procedures were becoming a barrier to the growth of our business. The Pitney Bowes team was accessible, approachable and knowledgeable. They took time to understand our challenges and we appreciated being able to speak to someone from their Senior Leadership team. The customized material term loan gives us more options as an organization and greater confidence for our future”.
Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services and Board member of the Bank said, “We are extremely excited about our continued expansion into the small business lending market. We have a purpose-built product portfolio that is designed for the needs of the small business market. The support we’re providing to SST reflects the firm commitment of Pitney Bowes Financial Services to the success of our clients and the small business community which is critical to our economy.”