Is it time to grow your small business?

Sales are great. Customers keep coming back. Your cash flow is positive.

Congratulations! It sounds like your small business has successfully capitalized on a great idea. It might be time to expand.

At Litchfield Bancorp we know that small businesses are the workhorses that drive the U.S. economy.  We love seeing them grow and prosper. 

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Are you ready to buy a second home? Here’s how to get started!

Purchasing a second home is often the first step toward fulfilling a dream. Maybe you’ve reached retirement age and hope to relocate to a sunny climate soon. Or maybe you want a second home for your growing family to gather on holidays and on the weekends.

Whether you are buying your second home as a family retreat, for a future primary residence or an investment, here are four ways to get you started.

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Why should a business bank with a local community bank?

I have spent my long banking career at a few (some people say “a number”) of banks here in Connecticut.  At each stop I have had the pleasure of working with small and medium sized businesses who work every day to promote their products and provide jobs for thousands of people in our state.  Each of those businesses also realize that the communities that they are in are very important to the success of their business.  It is those people in the community who buy their products, educate their employees and their employees’ children, and provide a secure environment in which to live.

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5 tips for first time homebuyers

House Hunters and other HGTV shows can make home buying seem so breezy. Spend the day with a fun, sassy real estate broker, check out a few fabulous properties, relax with a glass of wine, and decide on your dream home.

But for first-time homebuyers who aren’t living in a “reality TV” fantasy, the process can be stressful and overwhelming. So much to think about and so many options!

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5 small business start-up must do’s

We applaud the entrepreneurial spirit of those who take the plunge to start their own business. Whether you will be cleverly filling a retail niche or hanging a professional shingle, there are “must do’s” that apply to virtually all start-ups.

A key takeaway is that even if you are striking out on your own as a solo practitioner, you really do have to build a team to be effective and successful. Most of our tips involve making sure you have the right folks in place to support your nascent enterprise.

When planning your business, add these five “must do’s” to your agenda:

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Should I use a line of credit for business working capital?

Getting caught in a cash flow crunch is an all-too-common headache for even the most successful small business owners. It’s the reason why 29% of startups fail, the second most common cause behind “no market for the product,” according to research by CB Insights. Even profitable small businesses that don’t have a substantial cash cushion can meet this unfortunate fate.

There are multiple options for averting a cash crisis, but all are definitely not equal. For example, it’s tempting for owners to whip out a business credit card (or even a personal card) for a cash advance or to cover an unexpected expense. Viewed as a very short-term boost, the quick credit card solution comes with earnest plans to pay it off just as quick, in a month or two, max.

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We’re not just a bank, we’re your neighbor

Every bank has a tag line, a motto, a mission – some even have fancy jingles – you know the ones that run through your brain at 2am and won’t leave?  At Litchfield Bancorp we are pretty down to earth – no fancy jingles here keeping you up at night.   Our culture and our team, we are just normal people – we are your neighbors.  We do the same things you do – from Chairman of the Board to our top notch tellers – yes, we are just like you.

Back to tag lines, ours is “Every Customer Counts”.  This may sound cliché, but for 165 years, this saying has been the driving force behind everything that we do.

Here’s what I mean….

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Changing while staying the same

I’ve been in this industry a long time – no need to dwell on the actual years invested but suffice it to say I’ve seen quite a few changes during my banking journey.  I joined Litchfield Bancorp in 1994 when my predecessor Mark Macomber brought me on as Vice President and Senior Commercial Lender.  At that time, our bank was at a tipping point – a financial tipping point.  Like any business in that situation, it was sink or swim time.  Mark decided to swim, I agreed to follow – and that required change at the bank.

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