Worcester Business Journal

wbjournal.com | October 20, 2025 | Worcester Business Journal 17 As Worcester's only locally headquartered bank, community is at the heart of everything we do. That's why we were proud to host the first Bay State Savings Charitable Foundation Golf Classic—bringing together local businesses, community leaders, and friends to raise funds in support of food security programs for Worcester Public Schools. Thank You! 100% Insured Each depositor is fully insured by the FDIC up to $250,000 and by the Depositors Insurance Fund (DIF) for all amounts above that limit. This event was more than a tournament—it was a day of connection, generosity, and shared purpose, proving once again what makes Worcester so special: neighbors coming together to make a difference. Thank you to everyone who joined us on and off the course to support this important cause. Together, we're building a stronger, healthier Worcester—one swing at a time. Bay State Bank – Rooted in Worcester. Committed to You. MAKE YOUR NEXT MUSICAL DISCOVERY Connecting Central Massachusetts audiences with world-renowned orchestras, soloists, and ensembles from the worlds of classical, jazz, folk, world music, and dance. BACHtoberfest Weekend OCTOBER 24 CONCORA & Baroklyn with Simone Dinnerstein, piano OCTOBER 25 Peter Krasinski, organ Simone Dinnerstein: Bach Inventions & Sinfonias with cellist Alexis Gerlach OCTOBER 26 BACHtoberfest Choir TICKETS AND PACKAGES AVAILABLE NOW! MUSICWORCESTER.ORG | 508-754-3231 NOVEMBER 2 Kyung-Wha Chung: Violin Recital NOVEMBER 7 Orchestre National de France & Daniil Trifonov, piano NOVEMBER 14 American Patchwork Quartet BANKING & FINANCE F O C U S scores are the typical litmus test for financial credibility. A 2022 report by e Urban Institute, a Washington, D.C.-based research insti- tute, reported young adults between 25 and 29 in majority Black communities had a median credit score of 582 while majority Hispanic and majority white communities had median scores of 644 and 687, respectively. Connecting entrepreneurs to re- sources can offer them opportunities, like NCMDC did with Clark. is is a cornerstone of good banking, said Lee from St. Mary's. If a borrower is not yet a fit for a specific institution, it shouldn't signal the end of the conversation. "at doesn't mean our journey is over with them. It is our responsibility to make sure that we connect them with the appropriate organization and the en- tity to help them along in that journey," she said. Publicly traded banking institutions can be heavily regulated, and thus can have rigid criteria they need to follow when loaning funds, Lee said. "When you fall short of the tradi- tional standards, that doesn't mean that another institution may not be more appropriate for you," said Lee. "If you don't fit the box, we're just going to find another box." And a way to effectively do that is by hiring people who look like the com- munities banks serve, she said. When Webster Five recognized the demographics of its communities were changing with more immigrants and people of color, the bank made a com- mitment to diversity, equity, inclusion, and belonging, said omas-Bonnick. It brought on individuals who looked like the community, like her, who work with entrepreneurs of color and ask questions about a low credit score as opposed to just walking away. omas-Bonnick and the sales side of Webster Five have been holding business owner meetings with entrepre- neurs of color within Greater Worcester, offering training and gathering feedback about their banking experiences. Institutions that understand the demographic changes and are willing to identify what different groups need are the ones that have a better chance of succeeding in the future, she said. "I have to have hope that this country is going to move forward in a manner where it's about a person, about their integrity, about their char- acter, and not about anything else," she said. W

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