Warren Mino is the president and CEO of Webster Business Credit Corp. His career in financial services spans more than 33 years. Prior to joining WBCC, he was an executive vice president at Fleet Financial Group. He has also served as chairman and CEO of American Investment Bank, and spent 10 years at the National Bank of Canada as a group vice president.
He is also well known in the community for his civic and philanthropic work.
PBN: Webster Business Credit Corp. has announced a new arrangement with the Cooley Group, providing them with $25 million in new financing. The five-year package includes revolving credit facility, a long-term note, and a capital expenditure line, among other things. Is this type of arrangement frequent?
MINO: Webster Business Credit Corp. provides working capital and term loan financing for manufacturers, distributors, retailers and service companies with lines of credit between $3-$25 million. We also arrange financing up to $75 million for our customers.
PBN: Is this something you are pursuing aggressively?
MINO: We have been in this type of lending, working capital and term loan financing, for more than 35 years, also providing growth capital.
PBN: What other type of arrangements does Webster Business Credit Corp. provide?
MINO: Trade finance, capital expenditure lines, acquisition financing, employee stock ownership plans and Debtor-in-possession financing. We finance equipment purchases and real estate. We help companies succeed. We also provide cash management and cash flow solutions for our customers.
PBN: What does this say about Webster's current business strategy?
MINO:We service our customer base; our customersâ€™ success is our success. We are a service driven business with the knowledge and understanding of our customersâ€™ needs to help them meet business opportunities and challenges.
PBN: Are businesses ready to invest in themselves?
MINO: We are seeing an expansion of utilization in the companies we do business with. The economy is stable and there is slow growth. Companies are investing in inventory, warehouse expansion and cost controls (technology and logistics). The economy has been expanding since 2011.