FAIRFIELD COUNTY
BUSINESS JOURNAL June 6, 2016 | VOL. 52, No. 23
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13 | NICHE MARKET westfaironline.com
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MILKCRAFT'S OFFBEAT FLAVORS A DRAW BY REECE ALVAREZ ralvarez@westfairinc.com
I
n a matter of weeks, 27-year-old entrepreneur David Mainiero has turned what some assumed to be a folly of a business idea — opening an ice cream shop to compete with Fairfield’s well- established favorites — into a brick-and-mortar reality scooping up a sweet share of business faster than he ever expected. “It has been craziness,” the Harvard Law School graduate, who also owns real estate investment and educational consulting firms in New Haven, said of his first month in operation in the ice cream trade. Drawing lines out the door and
HARVARD LAW GRAD FINDS SWEETER WORK
» MILKCRAFT, page 6
An employee at Milkcraft in Fairfield raises a fog preparing ice cream frozen in liquid nitrogen. Photo courtesy of Milkcraft
Webster Bank fast-tracks loans for small businesses BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com WEBSTER BANK IS TOUTING A new program, “Fast Track,” a loan service for small-business owners that has cut the average wait time for approval from about 60 days to an average of 15 days — and sometimes 24 hours — for loans of $100,000 or less.
“We’ve had a great response,” said John Guy, executive vice president and director of business banking at Webster Bank headquarters in Waterbury. “There’s a lot of buzz within the industry about our customers’ ability to get their loans approved in such a short time.” In the first five months of the
Fast Track program, Guy said that Webster Bank funded $10 million worth of loans in such fields as legal, real estate and financial services, with an average loan size of $45,000. Driving Fast Track’s launch was a combination of internal research and customer surveys finding that, regardless of the size of a given company or loan, the period between a customer signing a loan and receiving the money was taking more than two months’ time. The bank maintains that small businesses sometimes have to suspend operations during that waiting period. As a community bank,
Webster — with branches throughout Connecticut and New York’s Westchester County, as well as in Massachusetts and Rhode Island — takes the position that it is more approachable to individual customers and more adept at working with them than are larger financial institutions — a claim with which Fast Track customer Michael Negri agrees. “I’ve had dealings with Bank of America, Wells Fargo and Citibank,” said Negri, owner of Choice Paper Group in Larchmont in Westchester County. Having once spent nine months waiting to get refinancing at one of the big John Guy
» WEBSTER, page 6