Five Questions With: Gregory Gould

GREGORY GOULD, a former lending relations specialist with the Rhode Island office of the U.S. Small Business Administration, has joined Webster Bank to help boost the lender's SBA-back loan profile. / COURTESY WEBSTER BANK
GREGORY GOULD, a former lending relations specialist with the Rhode Island office of the U.S. Small Business Administration, has joined Webster Bank to help boost the lender's SBA-back loan profile. / COURTESY WEBSTER BANK

Webster Bank this month announced the hiring of Gregory Gould, former lender relations specialist at the U.S. Small Business Administration’s Rhode Island office, to fill the newly created position of vice president, SBA sales officer.
Gould, who joined the SBA in 2012, is now responsible for seeking out new SBA relationships for the bank while also helping its banking partners uncover SBA opportunities.
A Cranston resident, Gould talks with Providence Business News about the new position, the SBA lending market in Rhode Island and how he’s going to make it work.

PBN: Congratulations on the new job, can you tell our readers a little bit about what you will be doing at Webster?
GOULD:
First off, I want to say how proud I am to be part of the Webster team. If you look on the back of any Webster Bank employee’s business card, you’ll see five customer-focused statements centered around responsibility, dignity, trust and respect. It’s a great culture, and we all take it pretty seriously.
My role at Webster is to increase the SBA loan portfolio in Rhode Island. There is a huge lending need that cannot be satisfied with conventional lending. Webster has charged me with making sure those businesses have sufficient access to capital to help grow their business, and in turn, the local economy.

PBN: This is a new position at the bank, why?
GOULD:
Yes, this is a new position at Webster Bank. Webster has been the leading SBA lender in Connecticut for the past several years, and we want to replicate that success in Rhode Island. To be sure, Webster Bank has a great lending team that has earned a strong foothold in Rhode Island’s conventional lending arena. Now it’s time to strengthen our position in the SBA marketplace.
While conventional lending focuses on existing businesses with historical proof of repayment ability, an SBA guaranty offers a bit more security, so lending institutions can consider making loans to startup and young enterprises, franchises, businesses in historically risky industries, and businesses without sufficient collateral to qualify for a conventional loan.

PBN: With a background as a lender relations specialist at the U.S. SBA, how are those skills applicable to your new job?
GOULD:
My experience as the lender relations specialist makes me uniquely qualified by providing me a strong working knowledge of SBA’s standard operating procedures. Understanding what is and is not acceptable under the regulations facilitates offering tailored solutions to Webster’s borrowers. Also, I have had the pleasure of making great friends with SBA employees throughout the country. So, if there is a problem, I can quickly access a resolution.
Equally as important are the relationships I have cultivated with SBA’s resource partners, The Small Business Development Center, The Center for Women & Enterprise, and SCORE. These resources provide no-cost counseling and business planning assistance to Rhode Island’s entrepreneurial community. Having these relationships allows me to refer borrowers to a service provider that will best match his or her personality, and affords me the opportunity to be as integral in the process as necessary.

- Advertisement -

PBN: There’s obviously great demand for SBA-backed loans throughout the country, especially this year, does Webster see this as a growing lending opportunity in Rhode Island? Why or why not?
GOULD:
We absolutely do see this as a great opportunity. The recession hit Rhode Islanders hard, but it finally appears to be in the rear-view mirror. Many entrepreneurs are now ready to start or grow their business, and Webster wants to be there to help.
On a macro scale, SBA lending across the nation is up 17 percent this year. Further, small loans ($150,000 or less) are up 24 percent. This is due in part to the SBA eliminating fees on loans of $150,000 or less. While the fee elimination program is set to expire on Sept. 30, we are hopeful it will be extended for fiscal year 2016, which begins on Oct. 1.

PBN: Why should owners of fledgling businesses even consider SBA-backed loans?
GOULD:
Banks are charged with making prudent investment decisions with their customer’s deposits. Hence, they have to look at each loan application with an eye for how they can recoup their capital in the unfortunate event the borrower loses the ability to make the monthly payments. In instances where a borrower does not have sufficient collateral, is in an industry that is considered risky (such as a restaurant), is a startup or young company, or any other circumstance (with the exception of poor credit) where the bank likes the business concept and the borrower’s capacity to manage the enterprise, an SBA guaranty minimizes the risk to the bank.
Other benefits of SBA financing include real estate and other fixed asset financing with as little as 10 percent down, and longer maturity terms available to enhance a business’s cash flow.
Simply put, an SBA guaranty is often the difference between an approval and a denial.

No posts to display