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Eastern Bank Welcomes Work ‘N Gear As An Asset Based Lending Customer
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Eastern Bank announces an $8 million financing deal with Work ‘N Gear, the largest U.S. retailer in work and healthcare apparel. Based in Quincy, MA, Work ‘N Gear operates 39 stores in the Northeast and Midwest. The partnership aims to enhance Work ‘N Gear's liquidity and funding for day-to-day operations. Eastern Bank, founded in 1818, has over $24 billion in assets and provides various commercial financing solutions, including asset-based lending, to support businesses in improving cash flow and operational efficiency.
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Eastern Bank provides $8 million in financing to Work ‘N Gear for working capital.
Partnership enhances Work ‘N Gear's liquidity and financial support for operational needs.
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Provides $8 Million Of Financing For Working Capital
BOSTON--(BUSINESS WIRE)--
Eastern Bank is pleased to announce Work ‘N Gear as a new asset based lending customer. Founded in 2002 and headquartered in Quincy, MA, Work ‘N Gear is an American retail company that focuses on selling various kinds of work apparel, footwear and healthcare apparel. According to Work ‘N Gear, it is the largest U.S. retailer specializing in work and healthcare apparel, with 39 retail locations throughout the Northeast and Midwest.
“Work ‘N Gear is pleased to begin a new banking relationship with Eastern Bank,” said Anthony DiPaolo, President and CEO of Work ‘N Gear. “We have a shared commitment to our community – prioritizing our relationships with local and regional customers and stores, and giving back to those in need. We look forward to their support with our day-to-day business, working capital and financing needs.”
“For over 20 years, Work ‘N Gear has been recognized as a retail leader in work and healthcare apparel, with the comfort and safety of their customers at the center of their designs, as well as for their commitment to giving back to the local community,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank. “We are proud to welcome them to Eastern.”
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 Work ‘N Gear includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone, Head of Asset Based Lending Don Lewis, and Senior Vice President and Relationship Manager Dan Bolger.
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 December 31, 2021, Eastern Bank had approximately $24 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.
