September 17, 2019
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Community bank works to help Maine entrepreneurs be more financially confident

Community Author: Philbrook Co.
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Gorham Savings Bank’s new program helps early-stage businesses move forward

GORHAM — Fifteen small businesses including North Spore Mushroom Company, Two Fat Cats Bakery and Tito Masonry & Construction recently participated in a new five-part workshop series created to help Southern Maine entrepreneurs better understand their businesses’ financials. The program, called Forward with Funding, was created by Gorham Savings Bank along with seasoned business coaches Michelle Neujahr and Gerry Brown, who also led the workshops.

The program helps entrepreneurs, who may have limited experience on the financial side of running their business, demystify the business loan process. Additionally, the program shows owners how to confidently present their business plans, financial projections and personal financial information. In five, 2.5-hour hands-on evening workshop sessions, participants learned all this and much more.

“Without the benefit of an in-house financial manager, many banking and finance questions can go unanswered at small businesses,” said Gorham Savings Bank President, Steve deCastro. “We created Forward with Funding as an environment for small business owners to get those questions answered, learn about financial planning and share experiences about the ups and downs of running a business. When business owners better understand how all these pieces fit together, the odds for success increase remarkably.”

Participants had the opportunity to talk about their plans and concerns in a no-pressure, educational context with members of Gorham Savings Bank’s lending team who attended various sessions. “All our burning banking and finance questions were answered,” said Stacy Begin, owner of Two Fat Cats.

“Knowing when to grow your business is, in many respects, as important as knowing how to grow your business” said Michelle Neujahr. “Forward with Funding covers these two ends of the spectrum and the important things in between. And it’s always gratifying to see that ah hah look on the face of an entrepreneur.”

While the content of the program was primarily financial, Eliah Thanhauser, co-founder of North Spore, also found it helpful on a higher strategic level. “The program helped me identify what I need to know about my business to plan for growth and to make strategic decisions,” he said. “Gorham Savings Bank very generously provided the learning environment needed to strategically plan for North Spore’s businesses growth. And having insights from bankers, financial professionals and business consultants was very valuable.”

Many entrepreneurs struggle to find time to work on their business and not just in their their business. Moravia “Tito” Drice of Tito Masonry & Construction thought his biggest takeaway was learning how much more he could get done with a relatively small time commitment. “Just spending a couple of hours a week on my numbers, business plan, HR and marketing [can] go a long way,” he said.

Stacy Begin of Two Fat Cats also appreciated how Forward with Funding gave her the time and support to step back and work productively on her long-term business goals. “Finding the time, discipline and environment to really focus on the future of your business can seem almost impossible without concentrated support from outside the daily grind. Forward with Funding provided a supportive atmosphere, and perhaps most valuable of all, support from fellow participants. We became cheerleaders and sounding boards for each other,” she said.

Gorham Savings Bank plans to run the invitation-only program, which is free for participants, again this October and each fall thereafter.  For more information on how to qualify for the program, which has limited availability, contact Gorham Savings Bank at:

About Instructors Michelle Neujahr and Gerry Brown

Michelle Neujahr has grown several successful businesses and now works as a business coach at her consulting firm, The Business Renovation Company. She also teaches at SMCC. Gerry started his career as a credit analyst with a commercial bank, and has since been part of the management team at several start-ups and works in business assistance around the world.

About Gorham Savings Bank

Headquartered in Gorham, Maine since its founding in 1868, Gorham Savings Bank is a depositor-owned community bank delivering a full suite of financial services tailored to the needs of Southern Maine’s businesses and consumers. As the only bank headquartered in Cumberland County, GSB serves and supports businesses that value local management, know- how and accountability. The bank offers consumer savings accounts, personal loans, mortgages, HELOCs, CDs, IRAs and financial planning services through its 12 branches and growing network of ATMs, ITMs and mobile services. Gorham Savings Bank is a tireless advocate for the wellbeing of the communities it serves, donating thousands of volunteer hours to dozens of community-based initiatives annually. Gorham Savings Bank is a member of the FDIC. Learn more at