Pitney Bowes Continues Expansion into the Small Business Market, Executing Term Loan with SST Corporation
Pitney Bowes (NYSE: PBI) announced that its bank has signed a term loan and a revolving line of credit with SST Corporation, a pharmaceutical ingredient distributor. This financing aims to consolidate SST's existing debt and provide necessary capital for growth. SST faced challenges with its previous bank and chose Pitney Bowes for its accessibility and understanding of SMB needs. The deal showcases Pitney Bowes' commitment to supporting small- and mid-market businesses as part of its expanded financial services portfolio.
- Pitney Bowes Bank signed a term loan and revolving line of credit with SST Corporation, aiding in debt consolidation and growth.
- The financing supports Pitney Bowes' commitment to small- and mid-market businesses, enhancing its financial services.
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Pitney Bowes Inc. (NYSE: PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing and financial services, today 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.”
Pitney Bowes Financial Services leverages its century of strong leadership and deep commitment to SMBs to deliver a range of affordable capital solutions.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; office mailing and shipping; presort services; and financing. For 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.
The Pitney Bowes Bank, Inc. is a subsidiary of Pitney Bowes Financial Services, which in turn is a subsidiary of Pitney Bowes, Inc. The bank is a fully chartered Industrial Bank located in Salt Lake City, Utah for over 23 years and Member FDIC. The bank has a nationwide lending and deposit footprint.
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