{"id":28521,"date":"2016-01-08T14:09:54","date_gmt":"2016-01-08T19:09:54","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2016\/01\/economic-outlook-2016---deanna-derway.html"},"modified":"2017-11-08T13:46:34","modified_gmt":"2017-11-08T18:46:34","slug":"economic-outlook-2016-deanna-derway","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2016\/01\/economic-outlook-2016-deanna-derway\/","title":{"rendered":"Economic Outlook 2016 – Deanna Derway"},"content":{"rendered":"
\n
\"deanna\n<\/div>\n
Deanna Derway, president, Washington County Local Development Corp.\n<\/div>\n<\/div>\n

BY DEANNA DERWAY<\/p>\n

As 2015 drew to a close, we once again reflected
\nupon the past year and optimistically look ahead
\nto the opportunities and challenges that will
\nshape the overall economy in the coming year.<\/p>\n

The Washington County LDC has once again
\nexperienced a steady increase in loan requests
\nas the health and optimism of small businesses
\nstrengthens. In 2015, 10 new loans totaling over
\n$1 million dollars were added to our portfolio
\nin a variety of sectors. The improving economy
\nseems to have led to more spending, and increased
\ninvestments in equipment that has in
\nturn spurred production and produced healthy
\neconomic growth.<\/p>\n

We believe that this optimistic trend will continue
\nto grow into 2016 with this steady growth
\nas a welcome sign that the economy continues to
\nhead in the right direction.<\/p>\n

The New Year delivers new opportunity and
\ntrends are looking positive for the economic
\nclimate in our region. Some positive economic
\nsignals we have seen include employment growth,
\nlow unemployment rates, lower energy costs, and
\nincreased business investment.<\/p>\n


\nThe economic uncertainty that persisted following
\nthe recession has subsided, with increasing
\nconsumer confidence and the willingness
\nto purchase homes, spend more money, and in
\ngeneral take more risks. In fact, as predicted, the
\nFederal Reserve found the confidence to raise
\ninterest rates a quarter-point for the first time in
\nnearly a decade.<\/p>\n

In Washington County, small businesses play
\na crucial role in our economy as they are the
\nengine driving job growth and cash flow through
\nthe community’s economy. Successful local
\nbusinesses allow owners to remain in place and
\ngenerate opportunities for employees and other
\nentrepreneurs. Over the past year one trend we
\nhave seen is businesses investing in the future
\nby buying new equipment and real estate, hiring
\nnew employees, and increasing inventory, as well
\nas refinancing debt to get lower payments and
\nlower interest rates.<\/p>\n

As stated in years past, Infrastructure is a
\nfoundation for economic growth and development.
\nStrong, efficient water and sewer systems,
\ntransportation systems and communications
\nnetworks are the key to future development. In
\nmid-December 2015 the state REDC awarded
\nthree Washington County villages millions of
\ndollars to upgrade and expand water and sewer
\nprojects.<\/p>\n

Improving this infrastructure will pave the
\nway for business expansions and start-ups in
\nthese areas. Even with this growing optimism,
\nour economy and small business owners faces
\nmany challenges and uncertainties this year from
\nfinding the next customer to the cost of providing
\nemployee benefits. The year 2016 also provides
\nuncertainty about who will prevail in the presidential
\nelection and what he or she might bring
\nto the table after getting elected.<\/p>\n

The primary service WCLDC offers is lending.
\nFinancing entrepreneurs, supporting company
\nexpansions, equipment purchases and real estate
\ninvestments are just a few of the services available.<\/p>\n

Another priority is partnerships; the WCLDC
\nfrequently works with financial institutions to
\nassist businesses, as well as offer community
\ndevelopment investment programs for developers.
\nThe WCLDC consistently collaborates and
\nengages with strategic regional economic development
\nagencies and statewide organizations to
\nensure resources, programs and funding streams
\nto best serve existing businesses and start-ups
\nare available.<\/p>\n

Whether its equipment upgrades to existing
\nmachinery, adding production lines, buying or
\nbuilding a facility, working capital or job creation,
\nthe WCLDC has programs with funding options
\nto encourage growth across all sectors throughout
\nthe county. Our priority is to attract, retain and
\nexpand business while balancing the “quality of
\nlife” Washington County is infamous for and in
\norder to accomplish these goals, these relationships
\nare imperative.<\/p>\n

Washington County is buzzing with the exciting
\nprospects for another busy year in 2016.
\nUnique new businesses and the expansion of
\ncurrent companies are materializing routinely
\nand the WCLDC is committed to supporting these
\nbusinesses through their unique challenges and
\nsubsequent success as employers in our region.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deanna Derway, president, Washington County Local Development Corp. BY DEANNA DERWAY As 2015 drew to a close, we once again reflected upon the past year and optimistically look ahead to the opportunities and challenges that will shape the overall…<\/p>\n","protected":false},"author":121,"featured_media":25049,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-28521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic-outlook-2016"],"yoast_head":"\r\nEconomic Outlook 2016 - Deanna Derway - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2016\/01\/economic-outlook-2016-deanna-derway\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Economic Outlook 2016 - Deanna Derway - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Deanna Derway, president, Washington County Local Development Corp. 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