Century Savings Bank Funds One Million Dollar Expansion for Local Business in Partnership with the Federal Home Loan Bank of New York
Demountable Concepts, the #1 provider of Demountable Systems in North America, recently announced that it has completed more than $1 million worth of high-technology, environmentally friendly equipment upgrades at its Glassboro, New Jersey facility. The improvements were financed by Century Savings Bank of Vineland in partnership with the Federal Home Loan Bank of New York, via its Business Development Advance Program.
Rustin Cassway, President and Co-Owner of Demountable Concepts said, “It is critical to the life blood of manufacturers to invest in technology. This funding allowed us to secure three pieces of “state of the art” metal fabricating equipment that will not only support operational efficiencies for Demountable Concepts but will also help lower our energy consumption and shrink our carbon footprint, to the benefit of us all.”
The financing was arranged by local lender, Century Savings Bank. Dave Hanrahan, President, stated, “We’ve had the pleasure of knowing Rustin for 20-plus years. It’s been great to watch him and his team grow their business. We are proud to have helped with their latest expansion.”
The low-cost financing was made possible by the Business Development Advance program, recently pioneered by the Federal Home Loan Bank of New York. Adam Goldstein, Chief Business Officer, remarked “This is exactly the kind of result we envisioned when we launched the BDA: local lenders accessing their Home Loan Bank membership to further strengthen their relationships with small business clients. We created the BDA in close collaboration with our members, including significant input from Century Savings Bank, and we are thrilled to see the program in action to the benefit of Demountable Concepts and the South Jersey business community.”