Chief Lending Officer Dave Halladay was quoted in an RBJ article about business refinancing. As interest rates begin to rise, businesses with variable rate loans are looking at refinancing to a fixed rate. The article examined the closer relationship commercial borrowers have with their lenders; it's much less transactional than for peple refinancing homes.
"A certain component of [refinaning] is interest-rate driven, but it really comes down to what's going on in an individual business and where they are in the business cycle," Halladay says. Since businesses' capital needs evlolve as they change and grow, it is imperative that commercial lenders are regularly connecting with their borrowers.
On May 21, GRB runners and walkers participated in the annual Rochester JP Morgan Chase Corporate Challenge. The beneficiary of this year's event was the YMCA of Greater Rochester, an organization GRB is also proud to support.
GRB Community Relationship Manager Dave Rossi has generously volunteered his time to be a business mentor to the Greece Chamber of Commerce's YEA! class. YEA!, or the Young Entrepreneurs Academy, offers students a year long class that transforms them into entrepreneurs. Founded locally, YEA! now offers programs in 17 states.
Rossi and the other volunteers provide feedback for the kids' business plans and help them along the process of establishing their business. Stay tuned for updates as this class establishes their businesses and competes agains other local YEA! programs.
Image from the Greece Chamber of Commerce February Newsletter.
This month's Monroe County Business Brief has two GRB-related items. Commercial Banker, Pat Murray was honored earlier this summer as one of two County Bankers of the Year. His second time winning this accolade, Pat referred four projects to Monroe County Economic Development, all of which successfully closed.
GRB client Pactech Packaging, Inc. is highlighted in the Business Profile. A manufacturer of flexible packaging, Pactech recently moved to a 127,000 s.f. facility in Ogden, utilizing Monroe County's SBA 504 program to purchase and renovate the building.