Serving those who served
“If we’re focused on obtaining financing, we can’t focus on our mission to educate our veterans and students and provide them with a clear path to successful electronics careers.”
- Michael Videira, STRAC Institute
Born out of patriotic duty and a mission to support veterans as they transition civilian life, STRAC Institute has trained and placed over 400 veterans and several non-veterans in rewarding electronics careers since it was founded in 2009.
Still reeling from the pandemic’s shocks, STRAC Institute was dealt another blow when their bank unexpectedly cancelled their line of credit. A critical career pipeline for veterans transitioning to civilian life and aspiring electronic professionals, more than STRAC’s business operations were at stake.
According to Videira, “If we’re focused on obtaining financing, we can’t focus on our mission to educate our veterans and students and provide them with a clear path to successful careers.”
Left without a viable line of credit, STRAC Institute had no choice but to leave their current bank in search of a reliable partner. They found just that in Webster Bank.
“We talked to several banks in the area, and Webster Bank was by far the fastest and most efficient bank out of any bank we talked to,” says Videira.
Not even a full year into their banking relationship, Webster lowered their interest rates, increased their working capital, and helped them navigate the Cares Act – resulting in three months of free payments.
“Working with Webster Bank has been a night and day experience from working with other institutions. “Our banker has been there within a split second anytime I need him, says Videira. “Not only that, every time he calls me, it's usually because he has an opportunity to present to me, which something new to me from a banking relationship. It’s a reciprocal relationship where they're providing as many opportunities to us as we are to them.”
Finding a trusted ally in Webster Bank not only gave STRAC peace of mind, it allowed them to recenter their energy on the task at hand: training military veterans and non-veterans and introducing highly-sought industry leaders into the talent pool. With business operations humming along, they continue to provide veterans with hope, support, and opportunity – serving those who served valiantly for our county.
“We pride ourselves on supporting veterans and non-veterans who feel lost or unsure about their transition in society,” says Videira. We're able to provide them with a community of support and the education they need to better themselves and get into a sustained career. We even have individuals coming off the streets that are working for fortune 100 companies turning their life around.”
“Had we not gotten the financing we desperately needed through Webster Bank, we'd still be out there searching for options, really distracting us from our focus. I see Webster as a partner in the mission to help others just by their awareness of what's happening in the community. Our missions truly do align.”