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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.
Thanks to a stable regional economy and a local customer base well-known to lenders, regional commercial lending standards have stayed the course since the 2008 financial crisis, reports the Rochester Business Journal.
Dave Halladay, senior vice president and GRB's chief lending officer, is quoted extensively in the article. "Customers who put expansions on hold are now looking to grow." He adds that GRB is making loans in sectors from manufacturing to sevices.