03/31/2009
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Staff photo by David LeamingA loan of between $100,000 and $200,000, Leavitt said, would allow Smithfield-based Corrosion Control, Inc., to make payroll and purchase supplies. During Monday morning's "access to capital forum" at the Fairfield Community Center, a dozen or so area bankers told Leavitt and other business owners that the money is there.
"I'll echo what others have said -- money is available," said Jay Violette, a commercial lender with TD Banknorth. "We've managed to avoid the whole credit-crunch problem in that we are one of the three AAA-rated companies on the New York Stock Exchange."
Leavitt listened intently. Her company is about to begin painting work on a pier in Portsmouth, N.H., and then will head to Louisiana to work on an aircraft carrier. Corrosion Control, in business for 19 years, sometimes employs as few as three workers in the winter months, but up to 25 during the upcoming peak season.
"I've got a big job that I'm doing right now and I need a working loan to pad that piece between when you start the job and when you get paid," Leavitt said.
Leavitt said she is hoping for an interest rate of about 4 percent.
"I used to have a working loan with Peoples Bank, but I let it go," she said. "I'm here to see what I need for paperwork -- to educate myself."
Tom Munson, who owns Mainely Real Estate in Fairfield, sat nearby. He agreed with Violette that loans have not been difficult to come by.
"Our local banks have been great," Munson said. "They've lent right through this. I'm just here to get information. When you're a Realtor, you can never know too much."
John Witherspoon, president of Skowhegan Savings Bank; Sally Dwyer, Skowhegan manager for Franklin Savings Bank; and Bruce Harrington, a commercial lender for Merrill Bank of Waterville were among other bankers offering their services.
Witherspoon said Skowhegan Savings has not changed its lending policies. But a company's business history and cash flow also remain important, he said.
"We want to give you loans so you can grow your business," Witherspoon said.
The Kennebec Valley Council of Governments (KVCOG) and the Maine Department of Economic and Community Development sponsored Monday's well-attended forum.
Vic Reinfelds, revolving loan-fund director with KVCOG, said that, typically, the agency makes small loans of about $30-$50,000 through local banks. But KVCOG considers loans of up to $150,000.
"KVCOG is a business-development lender," Reinfelds said. "Our goal is to create jobs -- meaningful jobs. If you make a loan through me, you'll get to know me very well."
At the conclusion of the forum, Leavitt and the other business owners networked with the bankers, getting to know them just a little bit better.
Larry Grard -- 861-9239
lgrard@centralmaine.com
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