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Arc of Greater Brockton is a non-profit that provides advocacy, information, and services for children and adults with intellectual and developmental disabilities.
When the organization began reimagining their Brockton campus, they knew they weren’t just looking for a bank. They were in search of a banking partner. We spoke to Executive Director, Dean Rizzo who said, “I use the word partner heavily because I view our bank as a partner in our growth.” He adds, “South Shore Bank is a financial institution that picks up the phone. You can get the help you need quickly and efficiently.” South Shore Bank was mutually excited to partner with Arc of Greater Brockton to deliver a full-service banking package that included Tax Exempt Bond Financing to facilitate the expansion and remodeling of its Brockton campus.
Dean comes from a background in non-profit management and sees his current role as an opportunity to help people overcome adversities, and that mission is what makes this $1,350,000 loan so monumental for the community. Part of these funds will be used to refinance an existing mortgage on their facility, while a portion of it will be used for renovations to their rehabilitation space. New bathrooms, a medical resource area, and a new program space are a few of the projects that will be made possible due to financing from South Shore Bank along with a grant from the City of Brockton. The organization provides resources for over 100 participants in their building each day accompanied by a staff of 30. “We’re providing a better and safer experience for our participants, and it allows us to utilize remaining dollars to invest in other needs such as more dynamic programming and meaningful skill development programs. It’s not only the physical attributes the bank will help us with, but also the programming and impact that happen inside this new building.”
Chief Commercial Lending Officer, Stephen DiPrete said, “We helped Arc of Greater Brockton seamlessly navigate the Bond offering, served as a trusted advisor, and delivered a competitive banking package.” South Shore bank led a team of partners, including MassDevelopment, all who had a common goal of helping Arc of Greater Brockton further its mission. He added, “This unique financing package tailored to Not-For-Profit borrowers allowed Arc of Greater Brockton to significantly reduce borrowing costs and receive competitive terms, while saving time and money, by using Cash Management and Treasury services to operate their business more efficiently.”
As South Shore Bank’s Brockton location opening is right around the corner, Dean finds this component to be a critical piece of the puzzle. He recognized, “We not only use South Shore Bank for our own banking needs, but we also provide financial assistance to those in need. Throughout the week, we’re cutting checks for families in the Brockton area, so we needed a local branch that would be close to us. And we’re excited to have a Bank branch close by.”
Deciding on South Shore Bank as our lender proved to be a a no-brainer for Dean. He mentioned, “I’ve known South Shore Bank for a while now along with many of the individuals involved. They’re a well-respected local bank that gets the idea of community service and knows that it means to be involved in and support a community and its businesses.” Partnerships like this represent South Shore Bank’s commitment to providing the most flexible, innovative, and efficient banking packages to organizations like Arc of Greater Brockton and furthering its commitment to community development.