Pitney Bowes Continues Expansion into the Small Business Market, Executing Term Loan with SST Corporation
February 17 2021 - 8:00AM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20210217005561/en/
John Spadafora Pitney Bowes M +1 518 708 3466
john.spadafora@pb.com
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