How is the bank doing in terms of its small business loans? Has there been reluctance on the part of small businesses to take out loans considering the economy?
We’ve seen continued strength in small business lending over the last several months. We have been hearing some concern from the small business community about taking on additional debt when the cost of doing business is rising and consumer spending is going down. What we try to do is match our small business customers with the right products and solutions for their business – we help them with the tools they need to succeed.
Have lending standards at the bank tightened at all? If so why and how? If not, why?
We’ve always had a conservative lending approach, so not much has changed, and this approach has helped us avoid the financial problems that a lot of other banks are experiencing. We do periodically review our lending standards, but we continue to make credit available to qualified borrowers.
What strategy changes, if any, is the bank going to take in terms developing its small business loans portfolio considering the economy?
TD Banknorth is definitely open for business and we remain a strong partner for businesses looking to secure financing. We recognize that the economic conditions are tough, but our goal is to continue to assist small businesses with working capital whenever possible.
You’ve just been promoted to Business Development and Sales Manager at the Plainville branch. What will you be doing in your new position?
I am looking forward to the opportunity to reach out to the Plainville community. TD Banknorth has a rich history of helping small businesses. I also look forward to sharing my expertise with small business owners especially in these trying economic times.
