Page 10 - October 2022 Issue.indd

The Importance Whether the federal government businesses succeed. That is the goal for
“declared” a recession doesn’t seem to economic development also. We have
of Having a Good have made a difference in the cost of programs that supplement traditional
Relationship with capital over the past six months – the lending programs. We also have a
cost of money continues to increase network of alternative lending partners
Your Banker and thanks to the Federal Reserve increasing that support smaller businesses. Finally,
interest rates. Interest rates were we have a partnership with state agencies
our Offi ce historically low and cash was flowing that have a business lending portfolio.

By Debbie Bowden, Director, (pre- and post-pandemic) for most
It’s a new world in business, and we want
Caroline County Economic businesses. The greatest operational
Development and Tourism concern for almost all businesses was to help you navigate it toward success.
finding labor. The labor market issue is For updates on any future business

I ts a n o d d still a big concern, and now we can add support, please visit carolinebusiness.
e c on om i c on what it costs to get the money to grow com, sign up for our newsletter, and
time. Whether and expand. Commercial loans and lines follow Caroline County Economic
t h e f e deral of credit interest rates are still “not bad” Development on Facebook.
go ve r n me n t (I remember double digit interest rates
o f f iciall y back in the day), but when the cost of Caroline County Economic Development
“declares” the money has doubled in 2022, its diffi cult and Tourism is an offi ce within Caroline
economy in a for owners to not think twice about County government. Its mission is to
recession has little impact on the day-to- making that planned investment for help businesses of all sizes thrive in the
day operations of business. You know it growth. community. Debbie can be reached at
costs more to do business. Whether we 410-479-4188 or info@carolinebusiness.
Times like these are why its important
are in a recession now or will be in 2023 com.
to have a good relationship with your
impacts business planning, particularly
banker and with our office. Local
planning for growth and making
community banks thrive on helping
investments in a company, employees,
customers prosper and want to see
leadership, and interest-holders.
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