Leading transatlantic law firm Womble Bond Dickinson represented Auto Advance, LLC – an auto finance and loan company – in securing a $9 million revolving line of credit from Cambridge Savings Bank’s Asset-Based Lending team.
The working capital will support the growth initiatives of Auto Advance, which is focused on providing automobile financing solutions to borrowers in underserved communities, as well as enabling access to competitive credit rates to immigrants and non-English speaking citizens. The closing follows the transition of ownership to the company’s President and CEO, Jorge Vinha.
Cambridge Savings Bank is a full-service mutual bank with a customer-first approach and over $5 billion in assets.
Click here to read Cambridge Savings Bank and Auto Advance’s press release on the investment.