Worcester Business Journal

88 W o r c e s t e r 3 0 0 : C i t y o f I n n o v a t o r s W orkers Credit Union is proud to be part of the Worcester Business Journal's Worcester 300 City of Innovators celebration. While all communities have been tested over the two years of the pandemic, Worcester has emerged an even stronger city than it was before, largely due to the resilience, intelligence, and generosity of its people. Worcester's more than 7,000 businesses have made the city an attractive place for employers in high-growth fields including health care, life sciences, manufacturing, and information technology. Its Central Mass location makes it a great place to enroll in one of its world class colleges and universities, enjoy a great meal at more than 100 local restaurants, be inspired at over 70 cultural institutions, and to cheer for the Woo Sox or Railers. Workers Credit Union has been part of the Worcester business community through our lending and small business partnerships for decades. We opened our first PlanIt location in Worcester in 2020 and recently opened our newest location in Shrewsbury to conveniently serve a greater number of people and businesses in the area. ese locations have a modern look and welcoming feel with technology designed to take the friction out of banking. e response to them has exceeded our expectations. Workers Credit Union is a mission-driven organization aimed at improving the lives of its members. In the past ten years we have become one of the largest credit unions in the state with $2.4 billion in assets – up more than 70% in the last five years – and roughly doubled lending to $1.3 billion, along with increasing to more than 115,000 members. Workers Credit Union is proud of the work done by our Commercial Lending and Small Business team to advance the goals of both established businesses and startup companies. We are second in the state in small business loan volume and are one of the top credited Small Business Administration (SBA) lenders in the region. In 2021, Workers Credit Union facilitated $17 million in small business loans. During the pandemic, our team processed 421 Paycheck Protection Program (PPP) loans worth an estimated $18.6 million. An estimated $16 million of these loans were forgiven by the SBA. More importantly these loans saved thousands of jobs. "Workers Credit Union really helped us through the PPP," says Groton Station House owner Andrew McElroy. "ey were so responsive and had answers for us." His Groton-based restaurant opened less than a year before the pandemic hit. Our team of business relationship managers reflect the diversity of the members we serve. Within our group there are three different languages spoken other than English and 80% of our loan officers are women. We take the word relationship seriously. We make the time to get to know our clients and touch base with them regularly. We give their businesses one-on-one support and provide resources that help them raise their revenues. When unexpected difficulties arise, we help them find solutions. We collaborate with local non-profit resources who assist our business owners to create a strong business plan based on analysis of the market and their past financial performance that helps them generate revenue. Since Business Plans are living, breathing, flexible documents that include achievable weekly or monthly goals. ese resources also guide them on sales strategies and digital marketing that builds customer awareness and increases their level of customer service. We roll up our sleeves and help our clients with everything from purchasing equipment and supplies to building their location to refinancing certain existing debt. Our clients benefit from community partnerships we have established that connect them with other business owners in similar industries and educational opportunities that expand their knowledge. Another way we help business owners is through Workers Credit Union's Workers Way at Work program. We believe financial WORKERS CREDIT UNION: A prosperous present and a fortuitous future. 119 Russell Street, Littleton, MA 01460 800.221.4020 www.wcu.com Douglas Petersen, President & CEO Year Founded: 1914 S P O N S O R E D P R O F I L E S

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