Five Questions With: William White

            William White, president and CEO of Warwick-based Coastway Community Bank, says many lenders are returning to the market after some years of absence, making the lending scene even more competitive.
William White, president and CEO of Warwick-based Coastway Community Bank, says many lenders are returning to the market after some years of absence, making the lending scene even more competitive.

William A. “Bill” White is president and CEO of Coastway Community Bank. The Warwick-based bank the second consecutive year made the most loans through the U.S. Small Business Administration flagship 7(a) Loan Program in Rhode Island. Coastway has consistently ranked among the top five lenders for at least the last decade.
White talks with Providence Business News about the program, how it’s a part of the bank’s growth strategy and what trends he’s seeing in the state’s lending market.

PBN: What draws Coastway to this program?
WHITE:
The SBA programs are key products for Coastway. We see them as a perfect package for many entrepreneurs who need assistance, and we embrace them wholeheartedly. It simply gives us additional opportunities to help when it may be needed most.

PBN: What draws small businesses owners to Coastway?
WHITE:
Coastway is seen by many as a viable alternative to larger institutions. We have local decision makers, no committees to get in the way of decision making, and we work very hard to listen to customers. Those are keys to our success.

PBN: The bank in fiscal 2015 made 57 loans, which is 32 fewer than the previous year. A decrease in loan volume was also seen among other top lenders. Can you tell our readers what might be contributing to this decrease?
WHITE:
Our decreased numbers tie mostly to the increased number of lenders using SBA programs. The list is quite extensive, making it even more notable to be the top lender again in 2015.

- Advertisement -

PBN: Do you expect the decrease to continue? Why or why not?
WHITE:
No. We feel that a better business climate will continue to encourage entrepreneurs to seek financing, and at Coastway we will be increasing our efforts through new outreach programs, particularly in underserved areas

PBN: What – if any – trends are you seeing in Rhode Island’s small business lending market (SBA-backed or otherwise)?
WHITE:
Many lenders are returning to the market after some years of absence, making the lending scene even more competitive. And we need also to acknowledge the role technology is playing in the economy as well. And I believe business owners are trying to be upbeat about the future in Rhode Island.

No posts to display