Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that its Corporate Banking team has provided Fair Haven Community Health Care (Fair Haven CHC) with a combined $26.1 million in loans to support its expansion. CSB has extended a $20 million, three-year bridge loan and $6.1 million, 10-year construction-to permanent loan. Based in New Haven, Connecticut, Fair Haven CHC provides low-income families with accessible, high-quality medical and dental care, regardless of their ability to pay.
With 20 locations including 12 satellite centers at local greater New Haven schools, Fair Haven CHC currently serves over 34,000 patients across a wide range of primary and specialty care services. The organization is committed to expanding healthcare access for their communities, with a particular focus on supporting individuals facing economic challenges. This lending package will be used to renovate an existing facility and build a new comprehensive health clinic, thus enabling Fair Haven CHC to service an additional 20,000 annual visits and increasing its capacity by 45 percent.
“We are committed to partnering with organizations that employ a similar ethos and can operate as an extension of our team,” said Dr. Suzanne Lagarde, CEO at Fair Haven Community Health Care. “Cambridge Savings Bank’s community-focused approach and clear understanding of our mission have made the bank an invaluable ally in our expansion efforts. We are thankful for their expertise, guidance, and passion, which have allowed us to broaden our reach and provide premium healthcare to those who need it the most.”
Read the full coverage of Cambridge Savings Bank support of FHCHC on Yahoo Finance here.