A solid banking relationship can offer ways to power a business. In the case of Brandor, PNC was able to help make this happen – in a very tangible way.
Brandor is a branded merchandise agency located in Hanover, Maryland. When Barry Cronin, a relationship manager for PNC Commercial Banking, went to the company’s office for a site visit, his hosts offered a tour of a warehouse they had recently bought and renovated, pointing out that the building included rooftop solar panels and a solar collection battery system. This sparked an idea.
“The solar power feature immediately brought to mind PNC’s Sustainable Finance program,” said Cronin. “We started talking about how a green finance term loan could allow them to refinance the investment they were making in solar energy at a rate that would benefit their business.” After consulting with the Sustainable Finance team and Equipment Finance specialist Jim Swalwell, Barry secured a 25 basis point rate reduction to meet the client’s needs. This represented a winning solution for both Brandor and equipment finance.
PNC’s Sustainable Finance practice focuses on a variety of environmental and climate initiatives, including emissions capital expenditures, recycling, water and waste management, pollution prevention and control, as well as, support for supply chain decarbonization. The program supports clients of all sizes and sectors through strategies and products that recognize a business’ own sustainability efforts.
“Going down the sustainable finance route was appealing for Brandor not just in terms of how it could provide benefit from a financial perspective, but also because of what the larger commitment of the program represents,” Cronin said. “One of Brandor’s key principles is a dedication to promoting sustainability. They want to run their business in an environmentally responsible way, and we at PNC were thrilled to provide an innovative option to help them do so.”
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PNC Commercial Banking can offer insight into technologies, products, and processes that can help businesses seize opportunities, today and in the future. For more information, reach out to your PNC Relationship Manager, or contact us.
