success story of the month

Referred By: Keith Goebel of Canandaigua National Bank

NYBDC Amount: $214,500 ∙ Total Financing: $536,250

Webster Montessori School (WMS) was established in 1967. The quality of the Montessori program has attracted many families over the years. In response to community demand, a full-time child care program, a program for elementary children ages 6-12, a toddler program, and a Summer Enrichment Program were added in addition to the original three to six year old program. This made WMS the largest school of its kind in the Rochester area.

From 1995 to 2004, WMS leased approximately 10,000 sq. ft. of space in the Town of Webster’s Park and Recreation building. The town wanted to expand its offices into this space and notified Ron Gordon, then CEO of WMS, that its lease would not be renewed upon expiration.

Ron said, "I was recruited to be the CEO of the school to provide leadership for the task of finding a new school. After 37 years the Webster Montessori School was still renting a building. For several recent years the school had struggled both financially and in its efforts to find a new location and was up against a nearly impossible deadline – as the landlord wanted the building back right away. The Board, Staff, and Volunteers, united in our commitment to find a better location for the children, began to dream of finding financing so the school could have the option to own a building."

WMS found a four acre site with a 9,800 sq. ft., two-story building to purchase from the Calvary Chapel of Webster for $600,000. The project included renovations with an estimated cost of $150,000 with a 10% contingency. "We had started to turn the operating finances around and Keith Goebel, VP, Commercial Services from Canandaigua National Bank provided us with hope, when quite honestly, things looked very grim. Keith mentioned NYBDC and told us of his plans to involve them. Soon he and Steve Willard toured the facility and began the due diligence process. The two of them and their support staff were very helpful in demystifying the financing process for the laymen and educators in our group," beamed Ron.

Keith stated "after determining what resources Webster Montessori School had available in order to purchase the newly selected facility, which would be vital to ensuring the future of the school, it soon became apparent that traditional bank financing was not going to be the answer. The result was a shared transaction between Canandaigua National Bank and NYBDC that ultimately achieved the client’s objective in a streamlined fashion."

Keith also observed, "the outcome was a 'win, win, win' for all involved. Canandaigua National Bank forged a new, long term relationship. NYBDC funded a profitable, long term asset and Webster Montessori School secured the future of their school and renewed their commitment to the students and the community. This would not have been possible without the involvement of NYBDC."

Ron continued, "in our transition there were many very stressful moments but the relationship with Canandaigua National Bank and NYBDC was one of the 'positives'. Keith and Steve helped the school, the Board, and the volunteers by making the process nearly “seamless” and stress free. I hope our paths cross again soon."