Eastern partners with Liberty Bank, Town of Windham to boost local businesses

Eastern Connecticut State University, Liberty Bank, and the Town of Windham formalized a partnership on Aug. 19 to establish a small business resource center (SBRC) in Willimantic. During the agreement-signing ceremony, Liberty Bank presented a $25,000 check to Eastern for the development of the center.

To be located on Eastern’s campus, the SBRC aims to benefit aspiring and emerging entrepreneurs in the Greater Willimantic community. According to the agreement between Eastern and Liberty Bank, “The center will focus on small business development services, with a special emphasis on supporting women entrepreneurs, veterans, and those historically disenfranchised from the local business community.”

To that end, the agreement between Eastern and the Town states that SBRC will “provide resources, educational programming, and networking/mentoring opportunities aimed at fostering small business growth and promoting economic development in the community.” 

Additionally, Liberty Bank will provide educational resources for Eastern students to assist community members in developing business and financial plans.

“This is a great example of how an initiative is going to serve several groups,” said Eastern President Karim Ismaili. “This is the beginning of an incredible resource for the town, the University, and the bank.”

Dean of Education and Professional Studies Niti Pandey, a Willimantic resident, saw the need for a small business resource center years ago, upon noticing Willimantic’s active small-business community.

“I saw such potential in Willimantic,” she said. “A lot of people in the community had a similar sense. … Bringing the center to fruition was about finding the right partners.”

Several Windham town officials, including Mayor Tom DeVivo, attended and spoke at the signing ceremony. “Without Eastern, Windham wouldn’t be the town it is today,” he said. “Windham and Eastern have long enjoyed a strong working relationship. We look forward to taking that relationship to the next level.”

Town Manager Rob Zarnetske expressed appreciation for Eastern’s “willingness to come down the hill” and assist the community in its backyard. “Good business, good education, and good government all start with good people. We’re lucky to have what we need to succeed here in Windham and Eastern,” said Zarnetske.

Vice President of Community Development Glenn Davis, who also serves as Liberty Bank’s Community Reinvestment Act officer, noted that the bank — which is celebrating its 50^th year in Windham and 200^th year overall — will enjoy “the best of public-private partnership” with Eastern and the town.

Among the next steps include driving student participation in the SBRC. Pandey anticipates a September launch event for the partnership and plans to host Eastern’s first free small business academy, Oct. 14-Nov. 13. She also hopes to host a business plan writing workshop in late November.

Additionally, through the partnership, Pandey hopes to re-launch Eastern’s engagement with Volunteer Income Tax Assistance (VITA), which saw students assist local low- and moderate-income community members in filing their tax returns free of charge for more than two decades.