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Eastern Bank Welcomes Done Right Building Services, Inc. (DRB Facility Services) As A Commercial Customer
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EBC has announced a financing deal of $3 million with Done Right Building Services, Inc. (DRB Facility Services) to enhance its daily operations and support future business planning. The funding will include a revolving line of credit, equipment financing, and acquisition financing. DRB Facility Services, which has been a cleaning services partner of Eastern Bank, aims to expand its industry role following revenue growth and workforce increase since 2019. This collaboration is part of Eastern Bank's broader commitment to support businesses of color through initiatives like the Business Equity Initiative.
Positive
Funding of $3 million will enhance DRB Facility Services' operations.
DRB Facility Services has shown consistent growth since 2019, increasing workforce to 725 employees.
Eastern Bank's financing includes acquisition support, enabling further expansion.
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Provides $3 Million Of Financing To Support Daily Operations And Future Business Planning
BOSTON--(BUSINESS WIRE)--
Eastern Bank is pleased to announce Done Right Building Services, Inc. (DRB Facility Services) as a new commercial customer. Founded in 1993 by President and CEO Anthony Samuels, DRB Facility Services provides comprehensive facilities services including commercial cleaning, landscape management, sustainable and green cleaning, and metal restoration and maintenance. Its clients include public transportation systems, higher education facilities, government buildings, retail environments, companies and office buildings across the United States. Eastern Bank is providing $3 million in financing, which includes a revolving line of credit for working capital, an equipment line of credit, and financing for acquisitions as DRB Facility Services seeks to expand its role in the industry.
DRB Facility Services and Eastern have already been working together in a variety of related capacities. DRB Facility Services provides cleaning services to Eastern Bank and Eastern Insurance Group LLC, a working relationship that began in 2013. In addition, DRB Facility Services participated in the first cohort of the Foundation for Business Equity’s (FBE) Business Equity Initiative (BEI), which Eastern launched to support the growth of businesses of color. Following these initiatives, DRB Facility Services shifted its strategic growth expansion plans, which since 2019 have resulted in revenue growth, a new marketing and rebranding approach, and increasing its workforce to 725 employees. The company’s continued growth, a recent acquisition and financing from Eastern Bank will enable DRB Facility Services to bring the service it has shown clients for the past 30 years to a larger scale.
“DRB Facility Services is excited to expand our longtime relationship with Eastern, this time as a banking customer to meet our financing needs,” said Anthony Samuels, President and CEO of DRB Facility Services. “Eastern takes the time to understand our business and what’s important to us, and they also understand the challenges small business owners and people of color face to develop sustainable, growing businesses. We look forward to their support as we implement our business plans.”
“We have greatly enjoyed seeing DRB Facility Services evolve as a partner in the community, as a provider of our corporate cleaning services and now as a customer, and we very much look forward to working with them as their trusted advisor,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank.
Eastern provides a range of commercial financing offerings to help companies across many industries to improve cash flow, increase efficiencies and build for the future. Commercial lending solutions include working capital/lines of credit, equipment/term loans, real estate loans, acquisition financing, asset-based lending and employee stock ownership plan-related financing.
The Commercial Banking team advising DRB Facility Services includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone, Senior Vice President and Commercial Group Director Dan Field, and Senior Vice President and Commercial Team Leader James Murphy.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2022, Eastern Bank had approximately $22 billion in total assets. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group LLC subsidiary. Eastern takes pride in its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 2,100 deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock holding company for Eastern Bank. For investor information, visit investor.easternbank.com.
