By Hannah O’Neil, Summer Intern

Typically, in our monthly newsletter we take the opportunity to speak with clients about their businesses, what makes them tick, and hopefully inspire more entrepreneurs to take the next step. This month we are sharing a Business Partner Spotlight. Banking lenders are an integration part of the equation when it comes to financing the business community and often you will find CEDC teaming up with a variety of lenders.

We had the opportunity to interview Vikki Corbridge who is Northway Bank’s small business banker from the Gorham branch. Northway Bank has 17 locations throughout New Hampshire that helps with various online/mobile and in-person services including personal, small business, commercial, and municipal banking. Vikki was able to give us insights into small business banking for local entrepreneurs in the North Country.

CEDC: With the variety of financing options out there, share with us why it’s important to bank locally?

Northway Bank: To bank locally is to have key resources and decision-making right here in New Hampshire, where the Bank has a real understanding of the local people and communities that make-up our market.

CEDC: What would you say makes Northway Bank different?

Northway Bank: Northway Bank has deep local roots with over 140 years of banking experience in New Hampshire, starting in Coos County. Our bankers live, work in, and understand the communities we serve!

CEDC: What are the top 3 ways banks can help small businesses?

Northway Bank: A bank can support small businesses by offering a primary bank contact, a relationship manager, whose job it is to know your business and your market, assess your financial needs, and offer solutions best matched to meet those needs.

The relationship manager can assist a business in setting-up the right deposit accounts, digital (online and mobile) banking services/access, and recommend appropriate financing solutions to meet your specific business needs.

As a business grows and becomes more sophisticated, the relationship manager can introduce cash management services that can meet a number of more advanced or specialized needs.

CEDC: What do you find particularly rewarding in this line of work?

Northway Bank: My greatest reward comes from knowing that I have helped a member of our community, or their business, flourish and meet their financial goals.

CEDC: What are the main challenges for capital these days?

Northway Bank: Rising interest rates have made the loans less affordable over the past year. For those with longer memories, however, rates have been meaningfully higher in the past economic cycles.

CEDC: What is the most important advice for an entrepreneur starting out?

Northway Bank:

Do your research. Understand your market and competition, and how you will differentiate your business from the competition.
Know who your local and state-wide resources are and what they have to offer.
Have a business plan; it will serve as your roadmap. Include financial projections in that plan.
Understand how much capital will be required to start and grow your business. Know where that capital will come from.
Seek talented people when making hiring decisions.

CEDC: Any additional thoughts to share with current or future business owners?

Northway Bank: As a local community bank, Northway Bank can make new business owners aware of what resources and steps are needed to start out, as well as help existing businesses with everyday needs and future growth.

CEDC: We appreciate your time in this insightful interview regarding local banking and their relationship with the business community.

Click on the Northway bank website to find which services can support your business!

If you would like to be featured in our Small Business, Internship, or Business Partner Spotlight, email us at execdirector@coosedc.org.