EDC Banking Sector Roundtable

From the EDC (Jul 14 2010) Financial Services

1. The EDC met with several bankers from the region, hosted by Dale Janes from Nuvo Bank, in a continuation of our Industry Sector series. The bankers expressed concern about the continued softness in the commercial real estate sector, which they expect to remain depressed until unemployment rebounds. They believe that continued uncertainty about tax and business policy at the State and especially Federal level, combined with the still uncertain impact of the new health care bill, will limit corporate expansion plans, at least in the short term. Companies are primarily focused on returning to profitability and rebuilding their balance sheets. On the positive side, the bankers report substantial availability of capital for companies with strong business fundamentals, even if they were hurt during the recession. They note health and medical care and education as continuing strong sectors. We discussed programs that could facilitate the flow of capital to small businesses, which the EDC will pursue.

    

   The EDC’s Sector Roundtables will continue into the fall. If you would like to help organize or participate in a sector roundtable for your industry, please contact Mike Graney at 413-755-1300 or at m.graney@westernmassedc.com or Ann Burke at 413-755-1374 or a.burke@westernmassedc.com

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