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.

CEDC: Today we are very excited to kick off our business partner series by speaking with Julie Aldrich, Commercial Banker at Passumpsic Bank in Lancaster, New Hampshire.

Julie, with the variety of financing options there share with us why it’s important to bank local?

Julie: Hi Ericka, thanks for having me. Banking locally has several perks and benefits. First we live in the area we service and are likely people you know and feel comfortable with. We also can make local decisions instead of just some larger general algorithm. Finally you are not just a number on hold on line, you have direct access both in person or on the phone.    

CEDC: What would you say makes Passumpsic different?

Julie:  We are the Bank of the Wild, supporting your adventure any way we can. We are always striving to give back to the community we service because we care. We are your neighbors, and we are active supporting and donating our time in local groups like the Chamber, Rotary, Kiwanis, Food Pantry, coaching kids sports and so much more.

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

Julie:  As a commercial banker we are a resource for start up loans or partnering with CEDC to help them get through the process. We offer variety of accounts from checking, savings, and other investments that can all link together for efficiency. We can also assist with direction to finetune business efforts. 

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

Julie:  I have to say when you get to the finish line on that person’s first business loan success, or they are doing so well that they need to come back for expansion purposes.

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

Julie:  I think knowledge seems to be the first roadblock. You don’t know what you don’t know. This can take time to learn the ins and outs. We are also seeing employee workforce is causing businesses to become static. Last but certainly not least, the interest rate isn’t what it used to be and this has caused stunted growth and some shell shock others because now they don’t qualify.

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

Julie:  I can’t stress enough the importance of researching that business they want to explore. For example if you looking to buy an existing business you really need to know what their customer base is and can that support your plans. Or for a startup, make sure you explore all your resources, talk to organizations like CEDC, and set realistic expectations and projections.

CEDC: This has been great and we cant thank you enough for being a support partner of CEDC’s and the business community!

Make sure you check out our very own Bank of the Wild, Passumpsic Bank. To learn more, visit www.passumpsicbank.com or seek them out on instagram or facebook @passumpsicbank. Or call Julie directly at the Lancaster branch office.

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