The fact that women-owned and women-run businesses have long been supported and guided by Webster Bank in reaching their potential is part of its legacy of service.
The bank — based in Waterbury — has had a robust, decades-long history of helping women-owned companies access capital, utilize business loans and manage cash flow in order to more effectively reach their business goals. The banking institution is well respected in the business community as one that works with each client to understand their unique challenges and then tailors solutions that best suit their needs today and in the future.
But where Webster Bank differentiates itself is with its innovative, comprehensive approach to supporting women and their businesses. Those needs, said Erin Dorman, senior vice president of commercial banking with Webster Bank, go beyond matters of money and tap into much more relevant insight that stem from current trends.
Support systems
More and more Connecticut women are starting companies.
According to the 2017 State of Women-Owned Business Report released late last year, Connecticut’s women-owned businesses grew by 56 percent over the last two decades. Yet business women usually do not have as many mentors compared with their male counterparts.
“It’s often the isolation that affects women, when you consider traditional routes,” of becoming a part of the local business community, Dorman said. “It’s a little daunting for a woman to integrate herself.”
Yet the power of active networking, relationship-building and active collaboration for women in business cannot be overstated in terms of results.
Webster Bank is a firm believer that — in addition to an array of financing tools — networking and collaboration will help improve these community businesses and the women who own them. It understands the need for collaboration among this unique brand of business clients.
“I see a lot of juggling and hard work. These women all basically echo the same theme: Collaboration is critical to their success,” said Holly Campo de la Vera, vice president, SBA relationship manager at Webster Bank. “They are facing the same challenges that most do as woman professionals.”
With that in mind, the bank has set about shoring up the women on its team to be the best that they can be, while simultaneously promoting a message of female mentorship and networking to its clients — and the broader business community.
WeWIN
One of Webster Bank’s core values is its belief in taking personal responsibility for meeting the needs of the customers and communities it serves. This value spurred an initiative of internal networking, skill-building and mentoring programs for women within its ranks: the Webster Women Initiative Network, or WeWIN.
Started by a group of women at the bank in 2015, WeWIN offers events such as the one last December at the Marriott in Trumbull, where over 100 leaders participated in panel discussions, presentations such as “Building Strategic Alliances and Growing Your Influence” by women’s leadership expert Karen Hinds, and networking.
WeWIN and its activities are all designed to help members maximize their career potential.
Women Presidents’ Organization
With Webster Bank as its sponsor, the Hartford Chapter of the Women Presidents’ Organization (WPO) was launched in 2016.
The non-profit organization, with 137 chapters globally, is geared for million-dollar-or-more companies that are owned and led by women. It offers an opportunity to share insight, learn from guest speakers and make connections, all in a supportive, non-competitive environment.
Led by Chapter Chair Cathy Crosky, the group is looking to double its membership over the next year. Non-competing industry members include those from the fields of life sciences, culinary, wealth management, marketing and communications, health care, printing and employee benefits.
Though diverse, the industries and their leaders share common issues, she said, such as employee engagement, changing regulatory demands, scaling the business, finding talent and succession planning. WPO members learn from each other, get different perspectives and become stronger leaders as a result.
“We all have very similar issues that we struggle with, but each may have approached them a little differently and from a different angle that you maybe never thought about,” said WPO Hartford member Jessica Palazzo, president of Spitfire, an employee-communications firm based in Simsbury.
But besides serving diverse industries, the WPO is diverse in the stage of business it addresses, as well.
“There is plenty of help for startups and very little for second-stage businesses,” said Crosky, WPO chair, senior consultant at Massachusetts-based Charter Oak Consulting Group. “Once a business grows to this level, the owner needs to start managing the business in new ways. Women find comfort in conversing with other women who understand the world of business ownership … there are different challenges so the opportunity to tap into the wisdom of their peers is a precious one. Members often attribute achieving new milestones and business success to their experience with WPO.”
The group also gives its members accountability with each other in setting goals and working through business challenges discussed in meetings.
Connection clearinghouse
Webster Bank aims to be a resource to connect women in business whenever possible: introducing clients to one another, for example, or introducing women to bank executives or WPO members. Its members support other women’s business organizations, such as the United Way Women’s Leadership Council and chamber of commerce professional women’s groups. These initiatives can result in relationships that lead to success in ways other efforts cannot.
“I’m seeing more women make changes midway through their careers, some women who say they want to do more,” said Dorman, of Webster Bank. “They are usually the hardest businesses to qualify. Perhaps they don’t have start-up capital, so networking and collaboration are especially helpful.”
Jennifer DelMonico, a Webster bank lawyer and client, is the managing partner of the law firm Murtha Cullina in Hartford. With a relationship with the bank for over a decade, DelMonico said the bank team is very supportive of women’s advancement, attending events for the law firm’s women’s professional development group, Women Expanding Business (WEB), for example.
“They seek to encourage, promote and support the professional development of women at the firm and in the broader business community,” she said. “We’ve had a long relationship with Webster Bank and admire their overall business philosophy … they appreciate and respect the women in their ranks and have a commitment to the communities they serve.”
