Service 1st Financial Receives Support from Clean Energy-focused Lender
PRESS RELEASE
BETHESDA, Md., July 12, 2022 /PRNewswire/ -- Service 1st Financial, LLC announced today that Forbright Bank has provided a senior debt facility to support continued growth of the the Service 1st Premier Program®. The Premier Program is described as a worry-free service for homeowners to replace and upgrade their heating, cooling, plumbing, and back-up power systems for a low monthly payment, while eliminating challenges that can come with owning, maintaining, and repairing those systems. Service 1st sources report the Premier Program is transforming the way home comfort is purchased in the United States.
Service 1st Financial is a leading financial technology, innovation, and training company serving residential home service contractors in the United States, based in Bethesda, Maryland. The Premier Program is offered through independent contractors on a full portfolio of home comfort products, including HVAC systems, IAQ products, tank and tankless water heaters, water purification systems, and standby generators.
Forbright Bank is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, MD, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change.
Tom Towe, vice president of Business Development at Service 1st, said the cost of home comfort systems is increasing greatly, prompting product providers to offer ways to make home comfort solutions more accessible.
"Technological innovation is critical, but we must also consider innovative business models that facilitate widespread adoption of high efficiency technologies," Towe said. "The Premier Program does just that by providing use of the most advanced home comfort systems without the upfront cost or traditional burdens of ownership. Solving these common consumer pain points encourages more sustainable home comfort purchasing decisions and will help the industry achieve its ambitious sustainability goals."
Adam Weber, senior vice president of Accounting & Finance at Service 1st, expressed an appreciation for Forbright's involvement. "We are grateful for Forbright's trust and support. They demonstrated a keen understanding of both the financial and environmental opportunity presented by our Premier Program. We look forward to working together to accelerate the clean energy transition in the residential home comfort space," Weber said.
"We are excited to help Service 1strealize its goals, in direct support of our own mission," said Chris Erb, managing director, Lender Finance at Forbright. "Forbright takes great pride in its role as a financial partner to a wide variety of businesses who provide goods and services that support a clean energy economy. Since its official launch in 2020, the Premier Program has quickly gained recognition as an innovator from some of the industry's most respected players."