Worcester Business Journal

14 Worcester Business Journal | October 20, 2025 | wbjournal.com F O C U S BANKING & FINANCE PHOTO | ALLAN DINES Monica Thomas- Bonnick, vice president, business lending officer at Webster Five BY MICA KANNER-MASCOLO WBJ Staff Writer G race Lee emigrated to the U.S. with her family when she was 1 year old. While her father had been an engineer in South Korea, he didn't have enough English proficiency to continue that career in the states. He started off as an airline luggage hand, and when he turned to entrepreneurship, Lee and her sister had to step in. At eight, nine, and 10, Lee and her sister were translating and negotiating business contracts for their parents. "We had some really rough moments," she said. And it wasn't just her mom and dad she saw struggling to navigate accessing financing. It was her neighbors, the people at her parish. "ere were cultural obstacles. ere were linguis- tic obstacles. ey were just gaps in the process and financial compe- tency in navigating the larger financial institutions," said Lee. "It's that broader lived experience that I carry with me every day." Lee is now president and CEO of St. Mary's Credit Union in Marlborough, where she began her tenure in August aer serving as the Eastern Massachu- setts regional president and group lead of New England government banking at Buffalo-based M&T Bank. Under her leadership, M&T was named the U.S. Small Business Admin- istration Minority Lender of the Year for Massachusetts in 2023 and 2024. Yet, obtaining business loans for many people of color poses a challenge. On top of historical biases stemming from prejudicial policies like redlining, en- trepreneurs of color can oen have less familiarity with the financial industry and generally lower credit scores. "ere's an assumption made that they understand how the process works, and when you've been marginalized around access to finances and capital in particular, people don't have a knowl- edge of how it works," said Monica omas-Bonnick, vice president, business lending officer at Auburn-based Webster Five bank. Central Massachusetts institutions like Webster Five and St. Mary's are working to open up the financial system by educating entrepreneurs of color. Culturally-informed, equity-based, and collaborative loaning practices have proven beneficial in Central Massa- chusetts, for bank- ing institutions and entrepreneurs alike. Entrepreneurs of color may not have been taught the actual process of obtaining a loan or a business plan, omas-Bonnick said. Not everyone knows they need to come to the negotiating table knowing the minutia of what it will cost to run their business. "Entrepreneurs are dreamers. ey have visions, and they focus on that, right? And someone said 'Go to the bank, and they can give you a loan,' but no one told them that if you're a startup business, some banks don't lend to start- ups," she said. Trying to get loans Walking into Femme Bar in Worcester means stepping into a neon pink haze. Nostalgic hits play from the speakers as groups of friends linger around the bar and surround tables into the early hours of the morning. Diversifying business loans Lenders and entrepreneurs of color are trying to overcome historic biases and practical barriers in commercial lending Danielle Spring, owner of Femme Bar in Worcester, hopes to one day move her bar to a larger space to offer separate rooms for dancing and other forms of nightlife. Grace Lee, president and CEO of St. Mary's Credit Union

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