Steering Shipyard to Smoother Sailing: Print Preview
- Founded in 1843, Connecticut shipyard’s success tied to evolving with the times.
- Charter Oak FCU’s financing will help refinance and fund future improvements.
- Expert says credit unions, not banks, open to helping nontraditional businesses.
Jeff Marshall typically starts his days early at the Mystic Shipyard, a 169-year old marina with a history steeped in the construction of schooners and iron-clad ships to sail the waterways of New England.
“Certainly, there are risks. We believe that some of the credit unions that got into trouble were either outsourcing or through participations or not having experienced staff,” Orenstein said.
In addition to the Mystic Shipyard, Charter Oak’s largest loans were to date provided to a mobile home park and as recently as September, a $1.5 million commercial loan for the Interdistrict School for Arts and Communication in downtown New London, Conn.