Speaker presents predictions for U.S. economy - top of page

The EDC had the honor of having Walt Czaicki, an economist and senior vice president with St. Louis-based Commerce Trust Co., speak at the EDC’s First Annual Economic Development Almanac Breakfast. Commerce Bank Illinois was a sponsor of the breakfast. Czaicki gave a presentation on the status of the U.S. economy and projections for the near future. According to Czaicki, the U.S. economy seems strong and though it has slowed down, it should continue growing at approximately the Fed’s desired “sustainable trend growth” of 3.5 percent. In spite of an energy shock and rising short-term interest rates, economic growth continues and job creation remains positive, fueled by business capital investment. “The economy has faced some tough head winds in the form of high fuel costs and rising interest rates,” said Czaicki. “The economy has slowed, but it’s still going strong.”

Czaicki expects the Fed to continue raising interest rates at a measured pace until rates reach 3.5 or 4 percent, and he believes the yield curve will flatten further due to high energy prices and diminishing fiscal stimulus from the government. As for inflation, Czaicki predicts that a number of factors will keep it in check despite the 7.2 percent increase in energy prices in the last nine months. In regard to the threat of recession, Czaicki said “the economy has slowed down, but it is not in a death spiral. So, keep the faith.”

Click here for his PowerPoint presentation.

Binning is hired as SBDC director - top of page

Elizabeth Binning was recently hired as the director of the new McLean County Small Business Development Center, located within Illinois State University’s College of Business.

Binning received a bachelor’s degree in psychology in 1995 and a master’s degree in counseling psychology in 1997, both from Illinois State University, Normal. Before taking her position as director of the SBDC, she worked at Bradley University in its Leadership Development Center, Turner Center for Entrepreneurship, Center for Executive and Professional Development and Small Business Development Center.

Binning said one of her first goals as director is to assess the needs of the community. To do this, the SBDC is analyzing results of a needs assessment survey. She is also organizing a business plan workshop which will instruct participants step-by-step through the sections of a business plan. Additionally, the SBDC will host a Lender’s Forum for local banks in June.

So far, the SBDC has offered three seminar sessions to 84 participants on the basic information needed to start a new business, including how to register a business name, how to obtain a tax ID number and information on legal forms. The SBDC is also working with 11 active clients, analyzing each client company’s finances, critiquing business plans and developing marketing strategies.

“We hope to expand our services to reach more of the community in the coming months,” said Binning. “Our services are free and confidential – there’s no reason not to take advantage of the help we can offer small businesses.”

Upcoming events:

• Starting Your Own Business – May 17th, 6:00-8:30 P.M.

This seminar is intended for those not yet in business. Topics include: registering a business name; obtaining licenses, permits and a tax ID number; forms of insurance; recordkeeping; legal forms of ownership; tax issues and how to compute a break-even point. This event is free and open to the public. Registration is required as seating is limited.

• Business Plan Writing Seminar – May 25th, 6:00-8:30 P.M.

Topics include: how to organize your business plan, step-by-step instructions of each section, what the bank/investor expects to see and how to prepare projections of revenue and expenses. A sample business plan will be utilized as the various sections are discussed. This event is free and open to the public. Registration is required as seating is limited.

• Lenders Forum – June 8th, 8:30 A.M.-noon

This event is designed for local community bankers and will provide information on government financing programs for small businesses. Presenters include: representatives from the U.S. Small Business Administration; Illinois Dept. of Commerce and Economic Opportunity; the Small Business Growth Corporation; the Office of Judy Baar Topinka, Illinois State Treasurer and the Federal Reserve Bank of Chicago. The fee for this program is $25 and includes materials and a continental breakfast. Registration is required.

For more information or to register for the above events, contact the SBDC at (309) 438-3610 or sbdc@ilstu.edu.

Attend the McLean County Chamber of Commerce Breakfast - top of page

The McLean County Chamber of Commerce will be holding the 7th Annual Economic Update Breafast on Wednesday, May 11, 2005 at the Interstate Center in Bloomington. The breakfast will begin at 7:00 A.M., and the program will begin at 7:30 A.M. Special guest speakers include Dr. Ed Scharlau, vice chairman of First Busey Corporation, and Dr. Michael Seeborg, Robert S. Eckley professor and chair of the Department of Economics at Illinois Wesleyan University. They will present their views on the economic trends of the United States and McLean County.

This event is for Chamber members only. The reservation deadline for the event is May 9, 2005. For more information, contact the McLean County Chamber of Commerce at (309) 829-6344.

Participate in the EDC survey - top of page

The EDC is interested in getting your thoughts and opinions on the future of economic development. Primarily, we want to know what business sectors make the most sense, what goals and objectives we should strive for and how you, as a company, will benefit. Please take a few minutes to fill out the electronic survey. There are no right or wrong answers, and it is completely anonymous. If you would rather fill out a paper version, please contact the EDC and we will mail you one, but please only complete it once. We appreciate your input.

Click here to take the survey online.