Cambridge Savings Bank Forms Relationship with Bigbelly Solar, Extends Credit Facility to Facilitate Growth
Financing will allow Bigbelly to expand its product line, tap into new markets
CAMBRIDGE, Mass.–(BUSINESS WIRE)–#SMBs—Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that its Asset-Based Lending (ABL) team has provided a credit facility to Bigbelly Solar, LLC (Bigbelly), the global leader in waste solutions for public spaces. Headquartered in Needham, Massachusetts, Bigbelly manufactures cost-effective products that make any space better – improving quality of life, operational efficiency, and sustainability.
Since its founding in 2003, Bigbelly has been on a quest to transform the waste operations industry. The Company initially introduced solar-powered compacting bins that provided more capacity than a traditional bin and, in 2010, Bigbelly added ‘smart’ bin capabilities through its CLEAN™ platform, allowing for real-time alerts and enhanced efficiency. To date, Bigbelly has provided over 1,800 customers with more than 86,000 waste stations across 60 countries, establishing itself as a preferred choice for public space waste and recycling solutions. Over the last two decades, the Company has played a pivotal role in creating cleaner, more sustainable and community-friendly environments worldwide.
“At Bigbelly, we are committed to partnering with organizations that share our passion for improving communities and spaces,” said Brian Phillips, President and CEO at Bigbelly. “As we considered our future growth and innovation, Cambridge Savings Bank stood out as the right financial institution to help us achieve our objectives while simultaneously allowing us to uphold our values. Keith and the rest of the CSB team delivered precisely as promised. In CSB, we have found a banking partner and a reliable ally in our quest to make a visible impact on the environment and beyond.”
With a vision to expand its global footprint and cater to new markets, Bigbelly sought additional liquidity to unlock efficiencies and realize its growth ambitions. The customized lending package arranged by CSB will be strategically allocated to refinance existing debt and support working capital needs as the Company looks to enhance operational capabilities by bringing manufacturing in-house. This move aligns with the Company’s goal of diversifying its product portfolio, reducing costs and expediting delivery times, thereby enabling sustained expansion and innovation.
“With an admirable mission and well-established reputation, Bigbelly is exactly the kind of organization that our Asset-Based Lending team aspires to support,” added Keith Broyles, SVP, Head of Asset-Based Lending at CSB. “We go beyond offering generic solutions, and subsequently invested the time to understand Bigbelly’s needs so we could structure a package that supports their continuous advancement. It’s rewarding to align with a partner that is making strides in sustainability and enhancing public spaces globally.”
CSB’s commercial division is focused on serving the needs of its local communities and businesses, offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Asset-Based Lending, Treasury Management and Trade Services solutions. To learn more about CSB’s custom solutions for commercial entities, please contact Keith Broyles at [email protected].
About Bigbelly:
Bigbelly was originally founded in 2003 with the primary focus of creating a solution for the inefficient resource utilization in public waste operations. The original product was a solar-powered compacting waste bin that offered 5x the capacity of a traditional waste bin, allowing less frequent collections and therefore greater efficiencies in labor and fuel usage to maintain the bins. In 2010, the Company further enhanced their product by developing their CLEAN™ software suite and introducing “smart” solar compacting waste bins. The CLEAN™ software allows users to see real-time alerts for bin capacity and overflow, allowing greater visibility in planning collections and offering greater efficiency than most traditional bins. Today, Bigbelly is headquartered in Needham, MA and has a manufacturing facility in Methuen, MA, as well as Stadtlohn, Germany.
About Cambridge Savings Bank:
Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency Affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.
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