Town. Country. Community Annual Report

Transcription

1 Town Country Community 2017 Annual Report

2 President s Message In May of 2017, I attended the National Association of Development Company s Mid-Year Conference in Washington, DC. Connecticut s own Linda McMahon had just been confirmed as the Administrator of the SBA, and this was her first appearance before the NADCO membership. As the conference keynote speaker, Administrator McMahon announced that the SBA had plans to authorize and launch a new 25-year term option for the 504 Loan Program. The idea of a 25-year 504 Loan had been kicking around the SBA for years. The new Administrator s swift decision to move forward gave attendees cause to be optimistic about the agency s direction under McMahon. Only time will tell, but for now, we enthusiastically look forward to rolling out the 25-year 504 loan in FY We expect our borrowers and partners will share in that enthusiasm. I am pleased to report that CIC s 504 efforts continue to fuel investment in other economic development throughout CT and RI. Loan volume in our SBA access to capital programs, Community Advantage and Microloan, was up. In fact, for FY 2017 CIC was the highest volume Community Advantage lender in all of New England. In December, our Providence office closed its first Small Business Assistance Loan and CommerceRI Microloan. Both programs are funded, in part, through our partnership with the Rhode Island Commerce Corporation, and both target underserved markets. Our thanks to all who provided us with business opportunities this year. We look forward to working with you again in 2018, and yes, we are still having fun. -Mark Cousineau SBA 504 JOBS LOANS AMOUNT $17,773, $20,694, $18,601,000 Community Advantage JOBS LOANS AMOUNT $1,772, $968, $570,400 MicroLoan & CommerceRI JOBS LOANS AMOUNT $435, $352, $306,900 EDA/DECD JOBS LOANS AMOUNT $383,525 AWARDS We are very happy to continue our tradition of winning awards! This year, we came out on top in three different categories of SBA lending: #1 504 Lender in Connecticut #1 Community Advantage Lender in New England #1 MicroLender in Rhode Island CIC President Mark Cousineau also received a prestigious award from Mark Hayward, the Rhode Island District Director of the SBA. As you can see, we cover a lot of ground. District Director Award Mark Cousineau Mark Cousineau is a true friend of small business. Mark is a seasoned team member. He understands banking; he understands economic development and small business, and he is supported by a very experienced staff. Together, driving CIC s mission-focused economic development business model has made CIC the top Community Advantage lender in RI and the top 504 Lender in CT. Mark Hayward, RI SBA District Director From left to right: Acting Region 1 Administrator Mark Hayward, Richard Evans, Aya Beckles Swanson, CT District Director Anne Rice Hunt $100, $598,500 3 Buck Harris (middle) accepting on behalf of vacationing Mark Cousineau

3 Flexo - Meriden, CT $5,865,000 SBA 504 Project Flexo Converters was originally founded in 1976 in Toronto, Canada as a plastic bag manufacturer. In the late 1970s and early 1980s, plastic was the world s leading retail shopping bag material, and during this time, Flexo Converters experienced rapid growth. In 1994, Flexo Converters decided to expand into the United States and opened a facility in Meriden, CT. At the same time, however, the retail industry began to gravitate towards more environmentally-friendly products, and in the drive to become more sustainable, Flexo chose to focus on greener paper bags. Eventually, Flexo Canada and its plant were sold, allowing the company to focus more on its paper division, headquartered in Meriden. With a $5.8MM SBA 504 Loan from Bank of America & CIC, Flexo purchased the equipment needed for this site s expansion. Thanks to the company s ability to adapt, it has remained at the forefront of the retail packaging industry, through its commitment to sustainability, customer service, and the corporate vision. TrueFlow Testing & Balancing - Colchester, CT $510,564 SBA 504 Project In April 2017, after 4 years of leasing commercial space, husband and wife team Scott & Bonnie Boothroyd, along with Scott s brother Gary, decided to take the leap and purchase a permanent home for their businesses. The 10,340 sq ft mixed-use property in Colchester, CT now houses Trueflow Testing & Balancing, its sister company, TrueFlow Electrical Services, and commercial and residential tenants alike. TrueFlow Testing adjusts, tests, and balances the flow of air throughout sterile environments, such as laboratories, hospital operating rooms, universities, and science facilities, while TrueFlow Electrical installs the necessary control panels for airflow regulation in these same environments. Thanks to a $511M SBA 504 Loan from Chelsea Groton Bank & CIC, the Boothroyds were able to purchase and renovate the perfect property to expand their business. Loan Use: Equipment Purchase Banking Partner: Bank of America Jobs Created: 16 Loan Use: Purchase of Land & Building Banking Partner: Chelsea Groton Bank Jobs Created: 2 4 5

4 Nova Dental - North Haven, CT $850,000 SBA 504 Project Dr. Asma Ijaz and a business partner started Nova Dental practice in December 2005 by leasing medical office space in North Haven, CT. There were already five established dental practices within two miles of their location, but Nova Dental proved competitive by offering late office hours and weekend appointments. Their patient base of working professionals who needed alternative hours grew steadily, and by October 2015, the practice had three locations, 11 dentists, an in-house lab, and a staff of 18. As it came time to renew or terminate their lease, Dr. Ijaz made the sage decision to relocate the North Haven location and purchase their own facility. An $850M SBA 504 Loan allowed for the purchase of a 9,600 sq ft two-story building (almost 5 times larger than their leased space), and the company self-funded the necessary renovations and fit-out. Essex Family Dentistry - Essex, CT $610,000 SBA 504 Project Essex Family Dentistry was founded by the husband and wife team of Drs. Peter Turturo and Melissa Donofrio. After completing their studies at UConn Health, both doctors decided to establish their practice on the Connecticut shoreline to serve the counties of Southern Middlesex and Western New London. After 9 years, it was time for an expansion, so the couple turned to CIC & Essex Savings Bank for a $610M SBA 504 Loan for the ground-up construction of a 2,000 sq ft state-of-the-art dental facility. This successful practice is currently celebrating 17 years of creating beautiful smiles. Loan Use: Purchase of Land & Building Banking Partner: Bankwell Jobs Created: 2 Loan Use: Ground-up Construction Banking Partner: Essex Savings Bank Jobs Created: 2 6 7

5 Bijou Theatre - Bridgeport, CT $150,000 SBA Community Advantage Loan The Bijou Theatre has a long and colorful history in Downtown Bridgeport dating back to Silent films were growing in popularity and then property owner Lillian Ashmun commissioned Architect Ernest G. Southey to design a movie house with a two-story ballroom above. The price per ticket back then? Just 5 cents for matinees, 10 cents for evening shows! This amazing venue has lived through many incarnations. Today it features both traditional theater seating as well as cabaret seating, a full bar, a snack bar, and a completely updated sound system. It is available for live shows, movies, and private bookings. Many thanks to Ted Karitsis of Liberty Bank for sending Gary our way! Brewery Legitimus - New Hartford, CT $124,000 Community Advantage Loan & $50,000 MicroLoan Brewery Legitimus is the brainchild of Chris & Christina Sayer who wanted to tap into Chris s brewing skills and open a business in the Litchfield County region where they live. With the help of a $124M Community Advantage Loan from CIC, crowdfunding support, and a ton of sweat equity, the brewery was up and running in time for Octoberfest Fast forward just six short months, and the 7-barrel system they started with was no longer enough to handle the demand for Brewery Legitimus ales. CIC came to the rescue with a $50M Microloan to purchase a canning machine and additional fermenters, which has allowed expansion of both their beer offerings and their tap room. Brewery Legitimus was, and still is, one of Connecticut s top 10 craft breweries, and now it s a popular event space, as well! Loan Use: Equipment & Working Capital Referral Source: Liberty Bank Jobs Created: 4 Loan Use: Eqiupment & Working Capital Referral Source: Santander Bank Jobs Created: 8 8 9

6 Just a Helping Hand - Stamford, CT $35,000 SBA MicroLoan Davette Stephens came to us nearly 10 years ago to help her expand her in-home daycare. With the help of a microloan and some private funds, she was able to put an addition on her home in Stamford. She turned her home daycare into a true daycare center. Since then, Davette has expanded her business, and it now includes three daycare centers in the city. She employs 12 full-time staff members in three locations and provides much needed care to 59 children every day. First Leaps Together - Ledyard, CT $562,133 SBA 504 Project & $50,000 SBA MicroLoan First Leaps Together is the stuff of SBA fairy tales: a little daycare, started with a $50M Microloan, grows into a $562M ground-up construction project in under 2 years. How, you ask? Well, Krista Bordeleau first contacted CIC in April 2014 with a solid business plan and the aim of opening her own daycare by the start of the upcoming school year. With nothing short of sheer grit, she overcame building code and timeline hurdles to meet her September deadline, and by spring 2016, First Leaps Together was at nearly 100% capacity with a waiting list for 2 of its 3 programs. At that point, an expansion was in order, so Krista purchased the building she had been leasing along with the adjacent parcel of land and built a 1,200 sq ft addition with the help of Dime Bank & CIC. The new building allowed First Leaps to accommodate another 50 students and to achieve the goal of offering inclusive services to special needs students. Loan Use: Expansion Referral Source: SBA Jobs Created: 12 Loan Use: Ground-Up Construction Banking Partner: Dime Bank Jobs Created:

7 Casa Mexico - Providence, RI $179,000 SBA Community Advantage & MicroLoan/CommerceRI Ivan and Jackie Sanchez re-opened Sanchez Mexican Market, a traditional Mexican bodega on Atwells Avenue in Providence, that was originally founded 30 years ago by Ivan s father. The bodega features a large variety of hard to find Mexican specialty foods, and it also serves meals and baked goods, all prepared right on the premises. The couple used loan funds to purchase the building and do some environmental remediation relating to an old oil tank that was originally installed under the basement floor when the building was erected during the industrial revolution. Visit the Sanchez Mexican Market s Facebook page and you ll see a little video of Julian Edelman of the New England Patriots, Whenever I want Mexican food, I go to Sanchez Mexican Market. It s the best in Providence. Hannah s Market - Voluntown, CT $225,000 SBA Community Advantage Loan Ever tried pickle fried chicken or a barbecued BLT? Take the backroads the next time you re traveling from CT to RI and back, and stop at this quintessential gourmet country market on Route 165. Hannah s owners purchased a vacant building across the street from farm fields and a produce stand to open this enclave for fine food in a casual setting. Eat in or take out, there s a limited, seasonally-inspired menu for breakfast, lunch and dinner, all at incredibly reasonable prices. Oh, and keep your eye out for special tasting menu dinners, and remember these folks for catering. They do it all! Thank you, Annie Chambers from secter for partnering with us to help James and Erin get up and running. Loan Use: Real Estate Purchase & Improvements Referral Source: Center for Women & Enterprise Jobs Created: 1 Loan Use: Real Estate & Equipment Purchase Referral Source: secter Jobs Created:

8 YOUR CIC TEAM THANK YOU FOR YOUR SUPPORT MARK CANDIDO Chairman Regional Director, Newtown Savings Bank STEVE MILLER Vice Chairman & Vice President Owner, Levey Miller Maretz LLC JOHN A. MATTHEWS Secretary John A. Matthews, AIA Architecture & Planning MARY MURPHY Treasurer Retired, Liberty Bank Board of Directors THOMAS BANISCH Assistant Secretary First Selectman, Town of Madison TIM BERGSTROM Regional President, Webster Bank FRED FARNSWORTH Emeritus, Faulkner s Island Light Brigade Retired, Eastern Elevator Company RICK IOVANNE SVP, Market Manager, People s United Bank, N.A. SHARON BRUNE Partner, Beers Hamerman Cohen & Burger, P.C EILEEN MOSKEY Attorney, Kevorkian & Associates, LLC RITA MATTINGLY Credit Manager - Rita brings a great deal of commercial credit experience to CIC, beginning with formal credit training at Citytrust in Bridgeport, CT. She found her passion for small business lending at community banks, like Founders Bank and Start Community Bank in New Haven. Rita attended Sacred Heart University in Fairfield, CT, with a primary focus in Accounting and Finance. She and her family have 6(!) rescue cats and dogs, as well as a little hedgehog named Bing Bong. KRISTEN CLARK Newbies Office Administrator - Kristen holds a BA in Psychology from Lesley University in Cambridge, MA. She spent five years at Fidelity Investments in Boston as a marketing executive, then moved on to LPL Financial Services in their Broker/ Dealer department. Kristen eventually returned to CT, and now resides in Hamden with her husband and two rescue dogs, Bonnie & Clyde. MARK COUSINEAU President Staff MICHELLE MEZZI Vice President/Controller RICHARD EVANS Vice President BUCK HARRIS Vice President AYA BECKLES SWANSON Vice President RITA MATTINGLY Credit Manager FRANK YAWOROWSKI Credit Analyst ROSA G. RUBBO Loan Servicing/Liquidation Manager DEBBIE MAIORANA Loan Processing/Closing Manager BRENDA SCULLY Loan Processing, Closing & Servicing Associate KATELYN DUNN Loan Processing, Closing & Servicing Associate The success of the SBA 504 Loan, Community Advantage & Microloan programs depends on the solid partnership between CIC, small community banks, larger financial institutions, credit unions, business resource centers, and economic development organizations. It s a shared belief in bringing lending power to small businesses that creates jobs, boosts the local economy, and builds strong communities. CIC thanks all of our partners for their dedication, loyalty, and generous support. 504 Lending Partners Bank of America Bank Rhode Island Chelsea Groton Bank Citizens Bank, N.A. Dime Bank Eastern Savings Bank Fairfield County Bank Farmington Bank First Niagara Guilford Savings Bank Ion Bank JPMorgan Chase Liberty Bank Litchfield Bancorp M&T Bank Newtek Newtown Savings Bank People s United Bank secter Simsbury Bank & Trust United Bank Webster Bank, N.A. Wells Fargo Community Lending Referral Sources Community Lending Referral Sources CERC Citibank, N.A. Citizens Bank, N.A. City of Bridgeport Office of Small & Minority Business City of Middletown, CT Colonial Properties Commerce Rhode Island CT DECD CT Innovations CT Main Street Center CT SBDC Essex Savings Bank Farmington Bank First Bank of Greenwich Greater Valley Chamber Guilford Savings Bank HEDCO Housatonic Community College Housatonic Industrial Development Corp. Ion Bank ISOE Commercial Capital Liberty Bank Manchester Community College MetroHartford Alliance Middlesex County Chamber Middlesex County Revitalization Commission Naugatuck Development Corp. Navigant Credit Union New Haven Library Bank of America KRISTEN CLARK Bankwell Office Administrator CEDF Center for Women & Enterprise FARIDA VOHRA 14 Office Clerk 15 Community Lending Referral Sources Newtown Savings Bank Norwich Chamber Office of Congressman Courtney Office of Congressman Langevin Office of Congresswoman DeLauro Office of Secretary of State of CT Office of Senator Blumenthal People s United Bank Savings Institute Bank & Trust SCORE Connecticut SCORE - Rhode Island secter Start Community Bank TD Bank, N.A. Three Rivers Community College Town of Berlin, CT United Bank U.S. Small Business Administration VR Business Brokers WBDC Webster Bank Westerly Credit Union Women s Business Center MicroLoan & CA Supporters We would especially like to thank Webster Bank for their continued, generous financial support of the CIC Microloan program and Community Advantage Loan program.

9 Small businesses are the backbone of our economy. I m proud to have started the Small Business Assistance Program that makes the process of growing a small business a reality, said Governor Gina Raimondo. Small businesses face challenges in accessing capital from traditional lenders, but they re able to do so through this program that wouldn t be possible without help from our dedicated partners like the Community Investment Corporation. Governor Gina Raimondo