Connecticut Community Bank, headquarted in Norwalk, helped Emily Woods establish a business she has worked towards since she began working as a hairdresser in 2016 on July 18.
Hair by Emily received an SBA 7(a) loan from Connecticut Community Bank despite the Litchfield County location being someways from the company’s divisions in lower Fairfield County where it operates Westport National Bank, Greenwich Bank & Trust, Darien Bank &Trust, Norwalk Bank & Trust, Stamford Bank & Trust and the insurance industry oriented InsurBanc.
Emily Woods and her partner Dan Juliano were referred by John Xu, SBA Loan Relations Specialist referred them to Connecticut Community Bank after Juliano approached the US Small Business Administration (SBA) for help finding financing when the pair had the opportunity to purchase a building for the salon. There they partnered with David Moore, Connecticut Community Bank’s Director of Government Guaranteed Lending.
“I appreciate the referral. We were at the end of our rope and David made this a seamless purchase,” said Juliano. “We are very excited to get this place rolling!”
They were able to secure 7(a) loan to cover the mortgage. 7(a) loans are one of the key ways that the SBA assists small businesses. They can be used for mortgages, purchases of major equipment, refinancing, or a number of other purposes.
“Emily and Dan approached us about the possibility of funding the purchase of a building to house the new hair salon, Hair By Emily,” said Moore. “Our advantage in assisting them is our extensive SBA expertise as an SBA Preferred Lender and knowing the right questions to ask. After conversations with Emily and Dan discussing their goals, we were able to put together an SBA financing package with funds for the building, working capital, equipment, repairs and improvements to outfit the building to a hair salon.”
“Our focus has always been providing funding for small businesses that have a vision that will add value to the local community,” said Moore.
Moore previously discussed what he sees as the key advantages of working with the SBA, which approaches the loans process by not only referring businesses to banks they believe will work together, but by offering a guarantee to the lender to help mitigate risks involved with the loan.
“The guarantee is an enhancement so that the bank can make loans that it wouldn’t typically consider,” Moore said at a March SBA event in Greenwich.
At a June SBA “Capital Matchmaker” event, which emphasized finding the right fit between a business and a bank for mutual benefit, Moore also described how helpful the SBA is in finding promising partners for business development.
The salon’s building will be financed with a 25-year term loan, providing a strong basis on which Wood can build and grow her business.
For more information about SBA loans and events visit: https://www.sba.gov/funding-programs/loans/7a-loans
