Issue link: http://www.insightdigital.biz/i/119013
face time Some business owners say there���s a lot of bureaucratic hassle when it comes to federal and state grants and there is a lot of paperwork, but it pays off in the end because you are leaving yourself with more options. state and federal funding programs more important than ever as the main means to move projects forward. There���s no denying that things have really slowed down since then. Deals are still getting done, but it takes more creativity in how you bring together the state and federal grants with traditional financing options. I think people who are hoping things will go back to the way they were before the crash will be disappointed. We need to move forward in this new world order and understand there are still opportunities to be had. The key is to find them. Another big change I���ve noticed during the last few years is how it���s just as important to retain jobs as to add them. Many times, tax credits are awarded for each new job created, but we���re simply not seeing the big numbers we were seeing years ago. Now, a company may want to expand by putting in a $10 million piece of equipment, but that won���t really create very many jobs ��� maybe a couple ��� but it helps insure that the other 55 people employed there will still have jobs because the company will be more competitive. Communities are playing a larger role than ever before when it comes to economic development. Whether it���s through tax incremental financing (TIF) districts or revolving loan programs, there are things to be done to encourage new economic development. Some communities in the region are on the ball and great with this and some aren���t. Some communities shy away from TIFs and make it way more complicated than it need be. The key is that you���re encouraging new taxable development and you���re going to use that new revenue to pay for infrastructure projects. Some business owners say there���s a lot of bureaucratic hassle when it comes to federal and state grants and there is a lot of paperwork, but it pays off in the end because you are leaving yourself with more options. I know many business owners just try to finance the whole thing themselves and they get in such a deep hole and they can���t get out of it. Or, they finance it and are doing well ��� so well they may need to expand, but it���s difficult to get additional financing because there���s no track record or relationship with a lender. Business plans are a key element in the grant application process. You���re telling a story about your business and what you hope it to be. Helping businesses get off the ground or expand is very rewarding since you can see how you���re helping the economy grow. hisinsightshavehelpedshape economicandfinancialpolicies onaglobalscale. nowyoucanfindhimatlegacy. Paul L. Kasriel is Senior Economic and Investment Advisor for Legacy Private Trust Company and former Chief Economist at The Northern Trust Company. Paul is a highly regarded economic researcher whose forecasts and contrarian perspectives have helped form economic policy at national and global levels. The Legacy wealth management team uses Paul���s insightful research to develop innovative investment solutions that can help you reach your financial and retirement goals. Visit www.lptrust.com /outlook2013 to read Paul���s commentaries on the economy and financial markets. To learn more about Legacy���s suite of wealth management and investment services, please contact Michael B. Mahlik, 920.967.5040, or mmahlik@lptrust.com. www.lptrust.com 13146_LPT_Insight_HalfPgAd_Kasri1 1 16 | Insight ��� A p r i l 2 013 Download Our Free Report: The 2013 Economic Outlook inthisreport,Paulprovideshis uniqueperspectivesonwhat���s nextfortheeconomyandglobal financialmarketsin2013. www.lptrust.com /outlook2013 Two Neenah Center, Fifth Floor, Neenah, WI 54956 AssetMAnAgeMent|WeAlthPlAnning|trustservices 3/13/13 3:13:25 PM w w w. i n s i g h t o n b u s i n e s s . c o m