May issue- 2009For Small Businesses from WCCUSound

Welcome Jackie Meneo, WCCU’s Business Development & Lending Officer

The Westerly Community Credit Union is proud to announce that Jacque-line Meneo has recently joined us in the position of Business Development and Lending Officer.

With over 10 years in the Commercial Lending and Business Development field, most recently as a Business Development Officer at Bank of Boston in CT and previously at The Chase Manhattan Bank of CT, her knowledge and background will be a true asset to WCCU.

Jackie will be responsible for developing relationships with small businesses in the area and helping them achieve their financial dreams through busi-ness lending, deposit and service needs.

WCCU offers products & services that will help your business succeed & save you money.

It is really that simple!

4 Business Money Market & Savings accounts,

4 Business Lending options: Commer-cial Mortgage, SBA (including 504,

7(a), Express & Patriot Express), Term Loans & Lines of Credit,

4 Free Business Checking Accounts with or without interest, and

4 Numerous Business Services, including merchant card services, payroll services, Remote Deposit

Capture, and more.

Contact WCCU today to see how we can help you achieve your financial dreams.

401.596.7000

Your Business started as a dream too...WCCU can help take it to the next level!

“We want to start our own Art Studio.”

To reach Jackie, please call 401-596-7000 x2128 or email jmeneo@westerlyccu.com.

The great thing about going into business for yourself is that, even if you’re the only person

in the company, you are not in it alone. Federal, state, local government, as well as many independent private organizations (like WCCU) offer a range of resources to

help small businesses succeed.Here are just a few:

Small Business Association (SBA),www.sba.gov ~ 1-800-8-ASK-SBA (27-5722)

SCORE (Service Corps of Retired Executives)www.score.org ~ 800-634-0245

Small Business Development Center (SBDC)www.sba.gov/sbdc

U.S. Business advisor (Sponsored by SBA)www.business.gov

Your local Chamber of Commerce

or just contact me and I’ll be happy to help-Jackie Meneo, WCCU Business Development

Officer, at jmeneo@westerlyccu.com or 401-596-7000 x2128

Trust me, you are not in it alone...

Sound Advice is created and brought to you by Westerly Community Credit Union

Helping local businesses achieve their financial dreams!

Dealing with an uncertain economy is never easy, especially for small businesses. Unlike their larger counterparts, small businesses rarely have the resources to monitor and take corrective action for every trend and issue.

While there is no crystal ball that accurately predicts the future, small business owners can take a number of steps that will help their enterprises endure the worst of times, and position them for success when condi-tions inevitably improve.

• Consult your Credit Union/bank about your business’s financial status. Lenders have vast experience in economic cycles, and can advise you on issues specific to your business and industry. It may also be helpful to arrange a line of credit. You may not need it for several months or at all, but if a lag in cash flow occurs, you will have a ready source of bridge money in place.

• Make sure you have good relations with your creditors. You may find it nec-essary to renegotiate terms, but overdue bills and inconsistent payment practices will not help your position. What’s more, your credi-tors may be experiencing financial difficulties as well. Any flexibility will hinge on whether they perceive you as a reliable partner, or a risk.

• Similarly, keep a close watch on your receivables. Follow up with whom-ever owes your company money and make sure they are meeting their terms. Be firm when with dealing problem accounts, but also be willing to negotiate where appropri-ate. It may take only a matter of months for a struggling customer to become a highly stable source of income. If you can accom-modate such situations without adversely affecting your company’s financial position, everybody wins.

• Make sure expenditures can be justified, and that they contribute to the financial health of your business. You may find it necessary to redirect money to areas that will enhance business perfor-mance. If you carry an inventory of prod-ucts, check the accuracy of your records and procedures to prevent losses. It may also be helpful to adjust your order amounts to match projected sales.

Small Businesses Can Face EconomicCycles With Confidence

Make check deposits from your desk... Ask us how!

• Review your operations and expens-es on a regular basis. If you monitor your profitability on a monthly basis, it’s a good idea to do it weekly or biweekly dur-ing slow economic times. Likewise, review your business plan more often. Monthly or quarterly reviews will make it easier to make adjustments and keep your business on track.

• Step up your marketing efforts. Many businesses mistakenly see marketing as a luxury when money is tight. The truth is that this is the time you need marketing most. Along with reassuring your current customers that you are still there to serve them, marketing can help you reach new markets that will sustain your business now, and facilitate its growth in the future.

Article is from SCORE “Counselors to America’s Small Business”. Visit their website www.score.org.

Westerly ~ Wyoming ~ South Kingstownwww.westerlyccu.com

401-596-7000

WCCU is now as close as your desk...through Remote Deposit Capture. Capture checks and

money orders electronically with a secure, accountable check processing system.

Consider the possibilities:• No more filling out deposit slips by hand.

• No more driving to the credit union to make a deposit.• Receive funds faster.

• Make deposits even after regular credit union hours.• No need to purchase, install, or maintain software.

• And much more...

Contact WCCU today to see how we can help you achieve your financial dreams ~ 401.596.7000