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Banks Partner to Fund Expansion for Local Business

From left: Albert Perry, VP Operations/Demountable Concepts; David Fisher, VP Marketing and IT/Demountable Concepts; Joe Rehm, EVP of Lending/Century Savings Bank; Dave Hanrahan, President/Century Savings Bank; Cassway; Omar Hawkins, Press Brake Operator/Demountable Concepts; and Goldstein. Photo Michael Mroczek

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, NJ 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, “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, and 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, said “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.”