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18 n e w h a v e n B I Z | O c t o b e r 2 0 2 2 | n e w h a v e n b i z . c o m Congratulations! You and your business have successfully navigated through the pandemic. "Now what?" Business is strong, even if you are strug- gling to source inventory or retain staff. Your business is on solid footing, as far as the new normal goes, but the Connecticut business environment is… unsettled, to say the least. The financial services land- scape might even be less so when you look at the toll that the revolving name- games due to bank consolidation has caused. But you are a business owner. You remain optimistic through it all and would love to establish a relationship with an experienced Commercial Lender to talk through financing strategies to acquire or develop property, grow a business, or support cash flow. But aren't they all the same once you get past the rates? No! Sure, favorable rates are important, but understanding your lending partner is critical. While on the surface it may seem like Commercial Lending is just a commodity, dig a little deeper and you'll see why choosing the right partner can make a big difference to your bottom line. So, what should you look for in a Commercial Lender? 1. Make Sure to Peak Behind the Curtain Understand not only the loan officer you work with, but the backing organization. Is Commercial Lending their strength? What is their mission? GSB is Connecticut's forward-thinking community bank, with a full-service Commercial Banking group that serves the entire state. For 150 years, we've maintained our position as one of the state's most trusted commercial and business banking institutions - dedicated to serving the needs of our local neigh- bors, businesses and charities. We're also a mutual bank. That means that we don't have stockholders and we don't answer to Wall Street. We answer to our customers. It also means that we never rest or get complacent when it comes to doing right by them because driving their success is what drives ours, and is what's helped us grow to more than 125 employees and $1 billion in assets. That's why we continually empower our bankers and innovate our technology and capabilities to make sure our customers enjoy best in class service and solutions. As Lyle Fulton, EVP, Chief Lending Officer says, "GSB certainly offers the wide array of sophisticated banking solutions the so- called big banks do. Whether businesses are looking for competive rate commercial mortgages, constructions loans, work- ing capital lines of credit, or equipment financincing, we can deliver the solutions they need to remain competitive and drive growth. But what I think matters most to our customers is our independence. We work for them. And this client-driven ac- countability, matched with our experience and ability to be on-site when they need us, really sets us apart from other finan- cial institutions." 2. Your Interests Should Come First. (And Second and Third) It takes a special person to become a business owner, but over the last few years, we have seen the true dedication and inner fortitude of Connecticut busi- ness owners shine through. GSB's Com- mercial Banking customers run the gam- ut: from bakeries with owner-occupied commercial real estate (CRE) holdings, to machine shops who leverage operating accounts and are also looking to expand their current facilities, to large scale man- ufacturing shops looking to finance the build or purchase of larger facilities, and more. Across the board, they have all faced a sea-change in how they run their businesses just to survive a global pan- demic. Fast forward three years, and now they must navigate forty-year inflationary highs driving vendor costs up and staffing shortages putting pressure on payroll and service levels. Whatever the business cli- mate, you deserve a lender whose primary interest is in serving you. Michael Paz, SVP, Commercial Loan Origination Manager explains, "This is where our community banking mission of helping our neighbors comes through. GSB has always been and remains active in supporting businesses through local Chambers, SCORE and many other orga- nizations. And then through the pandemic The GSB Owner-Occupied Mortgage Promotion offers a 0% Origination Fee, and Reimbursement up to 1.0% of loan amount (Up to $10, 000) to cover closing costs. Valid for new commercial mortgages or refinances only and does not apply to refinances of existing GSB debt. The amount reimbursed by the bank at closing will be required to be repaid if loan is prepaid within the first five years. Closing costs covered may not exceed $10,000, and can include: appraisal, environmental reporting & bank attorney fees. Main operating account with GSB is required for the duration of the term of loan. Standard underwriting and loan policy criteria applies. One of the operating businesses must occupy at least 51% of the square footage. Top 5 Things to Look for When Choosing Lyle Fulton Executive Vice President Chief Lending Officer at Guilford Savings Bank Sponsored Content

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