Worcester Business Journal

wbjournal.com | Book of Lists 2023 | Worcester Business Journal 9 Banks ......................................................... 10 Credit unions ............................................... 13 SBA lenders ................................................. 16 Venture capital deals .................................... 17 BANKING & FINANCE S P O N S O R E D B Y S tarting and maintaining a small business is something that requires passion and a lot of business sense. Workers Credit Union SVP of Commercial and Small Business Lending, Kendra Uusitalo, shared her insights. What are some tips for people who want to start a business? Get a solid business plan together that reflects an understanding of why your business is going to work. Make sure your credit is good and the more liquidity you have, the better. It's smart to research the market and who your competitors are. Assemble a team of reliable experts including a lawyer, accountant, and a financial institution. What should you look for in a financial institution? Engage one that understands the financial landscape and is willing to look beyond what is on paper to see the vision you have for your company. Access is also important. Having a financial institution that is locally based means you can visit them in person, confident they understand the local economy and its challenges. What sets Workers Credit Union apart? We are committed to small business development. In FY22, Workers Credit Union was second among Massachusetts credit unions in SBA lending. Our small business loans are more than a transaction. They are the start of a consistent relationship. We provide the tools small business owners need to give them success. Whether it's a start up with a great idea or seeing a restaurant bounce back from the pandemic, our team is gratified to be part of their progress. We are in constant contact with our business owners and are invested in helping them. We hold networking events to help business owners connect with other owners, as well as legal and financial experts they can add to their team. Through our Workers Way judgement free one-on-one financial coaching, we can also provide expert guidance to business owners about their personal finances, which is another way to help them achieve their goals. Why is Worcester a great place to start a small business? This is a time of growth for Worcester. It's the second biggest city in New England. There has been a lot of investment in revitalizing the downtown area and attractions like Polar Park and the Hanover Theatre are bringing in visitors. Worcester is well situated and gives people easy access to not only Boston, but Hartford and Springfield as well. n Helping Small Businesses Thrive Kendra Uusitalo - SVP, Commercial & Small Business Lending at Workers Credit Union

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