York, PA – Back in 1975 two determined, ambitious geeks had an idea that they felt so strongly about that even a recession was not going to stand in the way of their dreams. Bill Gates and Paul Allen launched Microsoft in what would come to be considered some of the worst economic times in recent history and met with unprecedented success.
So, is there a silver lining in a dark cloud economy for small business? Are there, perhaps, even advantages to launching or expanding when the economic climate is less than perfect?
Small business advisors say absolutely!
“I’ve been in the banking business for thirty-six years and while it is more challenging for small business owners today there are also unique opportunities,”
According to Kochenour, other advantages that the current situation presents to small companies include a workforce that may be willing to come on board at lower salaries and suppliers that are more willing to negotiate price and terms to grow or sustain their business.
Small business leaders agree that local banks are important to fueling growth for their companies during a down cycle.
According to Ben Stambaugh of Gohn and Stambaugh, Inc., a York plumbing, heating, and air conditioning contractor, local bankers -- as opposed to their national counterparts -- bring a uniquely local understanding to the table that is critical to meeting the needs of area businesses.
“They are your friends and neighbors,” said Stambaugh, “and are always trying to make the deal work the way you want and need it to.”
John W. Bailey, President of Bailey Travel and Bailey Coach, agrees.
“Local banks make local decisions,” says Bailey. “I feel they have a better pulse on the area’s business community, and they give me the flexibility required to grow my business, which is very capital intensive.”
According to the U.S. Department of State, 99 percent of all independent enterprises in the country employ fewer than 500 people. These small enterprises account for 52 percent of all U.S. workers, the U.S. Small Business Administration (SBA) reports. Moreover, national statistics underscore the fact that 70 percent of all new jobs in America are created by small enterprises.
Recent statistics suggest that the York area is faring better than many others in the current economic downturn, with July unemployment 20 percent below the national rate, and 15 percent below Pennsylvania’
“Small businesses are crucial to the vitality of our economy here in York,” said Kochenour. “And local banks are in a great position to partner with them to help ensure that our community continues to excel, regardless of where the Dow closed today or the latest national unemployment numbers.”
About York Traditions Bank
York Traditions Bank was created to provide a new and innovative approach to banking that is built on solid traditional values, and on leading edge and customer-friendly technology. Founded on October 28, 2002, York Traditions values its ties to the community and partnership with clients. The Bank’s senior management team has nearly 150 years of combined experience in banking and financial services. York Traditions’ vision statement reflects the Bank’s commitment: “to provide businesses, professionals, leaders of businesses, and individual clients with solutions to achieve growth and prosperity.
Contact: York Traditions Bank
Michael E. Kochenour, Chairman, President and CEO
(717) 747-2620
Tom Vranich
Communications
(717) 852-7171
