On July 14, New York City’s active and popular business organization, the Manhattan Chamber of Commerce, hosted a seminal half-day event on the economic outlook for small businesses. Hosted by Nancy Ploeger, President of the Chamber, and Bank of America, the event enjoyed a packed audience during what may be debated as the waning months of a fierce recession.
Jeff Barker of Bank of America set the tone of the event as one focused on the critical value small businesses provide to New York City. The Chamber met audience expectations with an array of diverse, accomplished panelists who spoke about the robust contributions small businesses provide to the local economy. Maria Gotsch of NYC Investment Fund and NYC Council Speaker Christine Quinn both touched upon how the private and public sectors are formulating initiatives to make it easier for small businesses to operate. Quinn in particular referenced several major initiatives to curb regulatory inefficiencies and make more transparent the taxation and compliance processes many small businesses such as restaurants and retail outlets must adhere to. The first panel represented several industries, with Ron Bergamini from the green sector, Matthew Reich of Tom Cat Bakery from manufacturing, Shelly Palmer from Technology and Scott Heiferman of MeetUp.com, from the newest and most promising field, social media.
Each panelist noted the challenging time that was 2008 and 2009. Reich pointed out how his business incurred severe losses due to the drastic declines in manufacturing orders. Heiferman emphasized how, as a reaction to 9/11, he thought of connecting people across the city through the World Wide Web as a means to bolster collaboration and strengthen a bewildered city. His epiphany resulted in MeetUp.com, which now boasts of thousands of members and numerous, interest-based professional groups that meet on a regular basis.
The second panel session was no less compelling, although focused on issues more specific to the practical needs of small businesses. Judy Messina of Crain’s New York Business and Lucy Kennedy of MetLife, among other panelists, discussed the new healthcare legislation and how it will impact small businesses. The second part of the session had Rae Rosen of the Federal Reserve Bank of New York moderating the aptly titled Access to Credit panel, where Ed Powers of Capital Access Funds, Jorge Silva-Puras of the Small Business Administration, Edwin Hong of SeedCo Financial and Nancy Carlin of BOCNET echoed the difficulty small businesses have faced in securing lines of credit for the smooth running of their operations.
The Chamber hosted an event that could not have come at a more opportune moment. Small businesses in New York City have been severely affected in this tumultuous economic climate. With the regulatory morass only now slowly adapting to a more agile economic environment, many entrepreneurs had been forced to shutter their businesses or substantially raise their prices to merely break even. The event by the Manhattan Chamber of Commerce set the stage for cautious optimism in the small business sector, which, despite its struggles in the past few years, is bound for a renaissance in one of the most resilient cities in the world.