KeyBank led an effort to help the Hillside Family of Agencies line up a $33 million loan and a $23 million revolving line of credit to help the organization modernize its capital structure.
The $56 million financial package is being provided by a group of banks, including KeyBank, HSBC, Canandaigua National Bank and Five Star Bank.
“This updated capital structure allows us to reshape existing debt for today’s environment as well as to create future innovation,” said Paul Perrotto, Hillside’s chief financial officer and chief strategic development officer. “This strategic partnership with our friends in the financial industry, led by KeyBank, is testimony to faith in past good works and commitment to a better future, for our kids, their families and communities.”
Hillside is one of the oldest family and youth non-profit human services organizations in the country, serving more than 15,000 families each year. Services include comprehensive health, education, and human services for children and families whose challenges threaten their ability to realize their full potential.
“We have committed ourselves to Hillside’s mission and consider them a true partner,” said James Barger, president of KeyBank’s Rochester market. “We are happy to help Hillside expand its mission and allow them to provide the valuable services our communities need for years to come.”
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