Wednesday, October 29, 2008 2:38 PM CDT
'Wall Street/Main Street Fallout' panel discussion Thursday
By ROB STROUD, Staff Writer
rstroud@jg-tc.com
CHARLESTON — Local business and finance professionals will discuss the “Main Street” implications of the federal government’s Wall Street bailout programs at a panel discussion Thursday.
The “Wall Street Bailout/Main Street Fallout” discussion is 5-6:30 p.m. Thursday at Eastern Illinois University’s Lumpkin Hall Auditorium. Admission is free, but those interested in attending are asked to call the Business Solutions Center at EIU at 581-2913 to reserve a seat.
Panelists will field questions such as “how does the financial bailout affect local businesses,” “where should you invest your money” and “are loans now available to start businesses” during the discussion.
The EIU Lumpkin College of Business and Applied Sciences’ School of Business and the Business Solutions Center are presenting the panel discussion.
“We want to create an event where valuable financial advice and information can be shared in a timely manner with the southeastern Illinois business community,” said Cheryl Noll, chairwoman of the EIU School of Business.
Panelists are Jack Schultz, chief executive officer of the Agracel industrial development firm in Effingham; Brian Titus, partner and general manager of Lorenz Supply Co. in Mattoon; EIU finance faculty member Richard Whitaker; Dan Downs, president of First Neighbor Bank in Charleston; and Chuck LeFebvre, executive vice president for trust and wealth management for First Mid-Illinois Bank & Trust.
Jeanne Dau, director of the Business Solutions Center, said the panelists will be able to give perspectives on topics ranging from business-to-business transactions, to small business loans, to financing for industry.
“We wanted to get well rounded perspectives,” Dau said.
Schultz said Agracel had one of its best six-month periods ever during the first half of 2008, but calls for its industrial development services have fallen off markedly since then.
Large business owners tend to take a “wait-and-see” approach on expanding prior to every presidential election, Schultz said. This tendency has been exacerbated by financial troubles on Wall Street and business owners’ worry about what this has done to the credit market, he said.
“What they are now looking at is how to survive rather than how to grow,” Schultz said.
Still, Schultz, whose work with his Boomtown Institute small town development firm takes him throughout the country, said he has encountered more fear at “Main Street” businesses than actual drop-offs in sales or other economic troubles in recent months.
Schultz noted Agracel has still been able to get loans and the bank for which he is a board member has still been giving loans during this time period.
Titus said Lorenz, which is a business-to-business supplier of maintenance products and janitorial supplies, has found that its customers have become very cautious about expenditures and have been trying to spend their money as efficiently as possible this year.
“Budgets are very tight right now. It’s a challenge for businesses both small and large to stay within the boundaries of their budgetary constraints,” Titus said.
Titus said Lorenz is trying to provide guidance to help its customers stay within their budgetary constraints and save money in the long run, such as by purchasing more supplies in bulk.
Contact Rob Stroud at rstroud@jg-tc.com or 348-5734.
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