He also said that 97% of businesses in Connecticut employ fewer than 500 people and that 50% of all Connecticut employees work for small businesses.
“Small businesses are where much of our innovation starts,” said Tengel. “And that’s where banks come in. We can be a catalyst to help an idea take root.”
But innovation doesn’t necessarily have to start in a room or a garage, according to Tengel — people can do innovative things in corporate settings through redesigns, efficiencies and improving the consumer experience. He said that People’s United Bank has worked to improve the loan application submission process — so that applicants will now learn in just a couple of days the status of their loan application. People’s United Bank is also working to expand into industries where it hasn’t been involved before.
Founded in 1842, People’s United Bank offers commercial and retail banking through a network of more than 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions.