October NYS Innovation Summit has speakers from ESD, NYSERDA

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SARATOGA SPRINGS, N.Y. — The leaders of Empire State Development (ESD), the national Manufacturing Extension Partnership (MEP) program, and the New York State Energy and Research Authority (NYSERDA) will deliver keynote addresses at the upcoming 2023 New York State Innovation Summit. The two-day event is set for Oct. 16–17 at Saratoga City Center & Saratoga […]

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The two-day event is set for Oct. 16–17 at Saratoga City Center & Saratoga Hilton Hotel in Saratoga Springs, per its website.

Those interested can register at the website: nysinnovationsummit.com

Albany–based FuzeHub organizes and leads this annual event to convene New York’s innovation ecosystem, “sparking new connections and collaborations that foster technology-led economic growth,” the organization said in a news release. FuzeHub serves as the statewide New York MEP center for ESD’s Division of Science, Technology and Innovation (NYSTAR).

Supported by NYSTAR, the New York State Innovation Summit is described as a gathering of businesses, entrepreneurs, academic researchers and government officials who contribute to the state’s innovation ecosystem, FuzeHub said.

This year’s speakers represent the impact of global semiconductor manufacturing, university-led research and development, and state-driven economic-growth initiatives.

More than 500 people attended the 2022 Innovation Summit in Buffalo. FuzeHub is expecting a similar figure for this year’s edition. The summit will also include FuzeHub’s seventh annual Commercialization Competition, funded by ESD, which is open to startups across New York state.

Entrepreneurs will pitch in person for up to $150,000 in grant awards from the Jeff Lawrence Innovation Fund to accelerate the commercialization of their technology or product.

Speakers

The event’s speakers will include Doreen Harris, president and CEO of NYSERDA. Harris has held public and private-sector leadership roles advancing clean-energy projects and engineering companies for more than 20 years. She now leads NYSERDA at a time when the state expands its renewable-energy development and transmission, per the event news release.

Those attending will also hear from Hope Knight, president, CEO, and commissioner of ESD. As head of the state’s chief economic-development agency, Knight leads initiatives that “spur innovation and economic growth,” including the newly created Office of Strategic Workforce Development. It focuses on aligning skills training programs with the priorities of today’s employers.

The speaking lineup also includes Pravina Raghavan, director of the Hollings MEP program at the U.S. Department of Commerce’s National Institute of Standards and Technology. Raghavan has more than 20 years of experience supporting businesses through the startup, growth, expansion, and maturity phases of development.

Thomas Caulfield, president and CEO of GlobalFoundries, is also scheduled to speak. He joined the firm in 2014 as senior vice president and general manager of the company’s advanced semiconductor wafer manufacturing facility in Malta in Saratoga County. As CEO, he leads a semiconductor manufacturer with operations on three continents and 13,000 employees worldwide.

In addition, the speakers include Martin Schmidt, president of Rensselaer Polytechnic Institute (RPI). Schmidt took the helm of the technological research university in July 2022 after serving eight years as the provost of Massachusetts Institute of Technology. Schmidt holds more than 30 issued U.S. patents and has played a part in starting seven companies.

“This impressive lineup of speakers will deliver inspiration and motivation for New York State’s innovation ecosystem,” Elena Garuc, executive director of FuzeHub, said. “We’re excited for the valued expertise they’ll share and conversations they’ll spark at the 2023 New York State Innovation Summit in the Capital Region. Each year, this event generates opportunities for collaboration, bringing innovative thinkers and doers together around new ideas and emerging technologies with the potential to drive economic growth.”

Whitman School implements new leadership structure

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J. Michael Haynie, vice chancellor for strategic initiatives and innovation, will serve as Whitman’s executive dean, while Alexander McKelvie will continue to serve as interim dean, a role he has held since July 2022. Both appointments are effective immediately, Syracuse University Chancellor Kent Syverud said in a July 28 announcement. Haynie’s appointment to executive dean

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Both appointments are effective immediately, Syracuse University Chancellor Kent Syverud said in a July 28 announcement. Haynie’s appointment to executive dean is for two years, during which time the search for the next Whitman dean will resume.

The new structure is “designed to advance and accelerate growth opportunities and cement the school’s position as a preeminent provider of business education,” Syracuse University stipulated in its announcement.

“The Whitman School has a storied history of producing well prepared, entrepreneurial and successful graduates,” Syverud said in a university news release. “To continue building on that success and to enhance our competitiveness in business education, a new leadership structure is necessary. Under Mike’s strategic direction, and with Alex’s continued leadership, I am confident the Whitman School will continue to build on its legacy and create new opportunities for growth, innovation and excellence.”

Haynie and McKelvie — both of whom are “recognized thought leaders” in entrepreneurship and emerging enterprises — will work with the Whitman faculty and staff and the Whitman advisory council to “advance the school’s strategic plan in alignment with the University’s academic priorities,” Syracuse University said.

In this new role, Haynie will report directly to Chancellor Syverud and McKelvie to Haynie. The processes, norms and policies associated with shared academic governance will not change, and academic personnel issues will continue to be coordinated through the Office of Academic Affairs, the school noted.

McKelvie joined Syracuse University more than 15 years ago. When he was tapped to lead the Whitman School last year as interim dean, he was serving as associate dean for undergraduate and master’s education and professor of entrepreneurship. He previously chaired the department of entrepreneurship and emerging enterprises between 2014 and 2019, Syracuse said.

“This is a pivotal moment for the Whitman School, presenting a unique opportunity for our faculty and staff to think differently about how we deliver an innovative, best-in-class business education that prepares our students for success in a fast-evolving world,” Haynie said in the release. “The changing landscape of business education demands outside-the-box thinking and getting comfortable with the uncomfortable. Together with Alex and the Whitman community, I am excited for the work ahead and look forward to creating the conditions that will allow Whitman and our students to succeed and thrive long into the future.”

In addition to his role as vice chancellor, Haynie is a university professor (Barnes Professor of Entrepreneurship) and has been a member of the Whitman faculty for 16 years.

The search for the next dean will resume in late 2024 while Haynie, McKelvie, and their Whitman colleagues continue to develop the school’s strategic plan and begin implementation under this new leadership model, Syracuse University said.

“Together, Mike and Alex are a formidable leadership team with a passion for the Whitman School and commitment to Syracuse University,” Gretchen Ritter, vice chancellor, provost, and chief academic officer, contended in the release. “They have both led the Whitman School — Mike previously as acting dean and Alex as interim dean — during moments of transition and opportunity. I appreciate their dedication to the Whitman School and have no doubt that, in partnership with the outstanding faculty and staff, the school is poised to experience great growth under their leadership.”

Midyear business leaders outlook improves slightly

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Business leaders are slightly less worried about a recession this year, according to JPMorgan Chase & Co.’s 2023 Midyear Business Leaders Outlook survey. A total of 45 percent of business leaders say the nation is already in a recession or expect a recession before the end of 2023, down from 65 percent who felt that

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Business leaders are slightly less worried about a recession this year, according to JPMorgan Chase & Co.’s 2023 Midyear Business Leaders Outlook survey.

A total of 45 percent of business leaders say the nation is already in a recession or expect a recession before the end of 2023, down from 65 percent who felt that way at the beginning of the year. Additionally, 35 percent do not expect a recession at all, while 20 percent are uncertain whether one will happen or not.

Coupled with that, 39 percent of business leaders are pessimistic about the global economy, down from 60 percent at the beginning of the year, while 46 percent are neutral on the outlook. Only 15 percent are optimistic.

That mirrors the outlook on the national economy, where 37 percent of business leaders are pessimistic, down from 43 percent. Only 29 percent are bullish on the national economy, up from 22 percent six months ago.

Those sentiments mirror those of local Central New York business leaders, says John Huhtala, market executive for middle-market banking and specialized industries at JPMorgan Chase in Syracuse.

While there are challenges, “I think the good news is they remain bullish on their own economies,” Huhtala says. Across Central New York, a large number of businesses are planning to expand in some way whether it’s through increased employment or by expanding with new products or to new regions.

Two-thirds of survey respondents (67 percent) remained confident in their company’s performance for next year, with 59 percent anticipating increased revenue/sales and 51 percent predicting increased profits.

The economy is still presenting challenges to businesses, he says, namely in the form of rising costs, fear of recession, and inflation. Additionally, businesses are still contending with labor issues as well as increased competition.

“We’re seeing that locally as well,” Huhtala says.

Some businesses have struggled to pass the increase in costs along to the customers, he notes. In some cases that might be due to existing contracts or other hurdles causing it to take longer to integrate increases, he says. But the reality is that costs have risen, and those increases need to be passed along to customers.

Inflation and cost increases topped the survey list of concerns nationally. A total of 79 percent of business leaders say their costs of doing business have increased since the beginning of the year, and 75 percent say they will continue to raise their prices to mitigate costs. Another 68 percent indicated they want the federal government to pause interest-rate hikes.

There is also no denying the continuing labor shortage, which started before the pandemic and continues today. “There’s a skills mismatch,” Huhtala says. There are lots of jobs in certain fields, like engineering and finance, and not enough people trained in those fields to fill the jobs, he says.

One new area in the survey with some surprises is business use of artificial intelligence (AI), Huhtala says. Business leaders are split on the adoption of AI within their business operations with 38 percent saying they are already using or considering it. Of those who have adopted or considered AI, 53 percent are integrating AI tools into business operations, while 46 percent are using the new technology for internal/external communications, and 29 percent are using AI for human resources/training. Just 46 percent of business leaders say they don’t use or plan to use AI in their businesses.

“It’s a popular tool,” Huhtala says. For some businesses, the use of AI can help overcome other issues, such as labor shortages.

JPMorgan Chase conducted the survey from June 14 through July 5 for middle-market companies with annual revenues between $20 million and $500 million. A total of 625 business leaders participated.

Housing project helps Human Technologies fulfill its mission

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ROME, N.Y. — Human Technologies’ recently announced plans to build Copper Village — an affordable-housing community in South Rome — are about more than just helping fill the housing gap. The project also helps the nonprofit fulfill its mission to create employment for people with disabilities. The proposed $105 million project would create 250 housing

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The proposed $105 million project would create 250 housing units split between one-, two-, and three-bedroom apartments in three mid-rise buildings and 44 townhomes along the waterfront off Baptiste Avenue.

The idea got its start several years ago when Human Technologies President/CEO Timothy Giarrusso was looking for waterfront property for his own personal use. Instead, he found land for sale along the Erie Canal that he thought Human Technologies could put to use and play an active part in the city’s revitalization.

“When you have land, you’re at the table,” Giarrusso says. The Utica–based nonprofit purchased multiple parcels in Rome for $800,000 in 2018, according to Oneida County property records.

Human Technologies opted to create housing because there is a real need for working-class housing, he says. “There’s a significant shortfall in affordable housing for people not making six figures,” says Giarrusso. A total of 30 percent of the units at Copper Village will include supportive services with preference given to seniors and disabled veterans.

The not-for-profit social enterprise decided to partner with the Pennsylvania developer and property-management company Penrose to develop Copper Village, with Penrose set to manage the complex once complete.

That frees Human Technologies to focus on its mission of generating jobs for those with disabilities, it contends.

“When you have 250 housing units, there is an opportunity to create jobs there,” Giarrusso notes. Human Technologies, established in 1954, employs more than 325 people in several business lines including facilities management and environmental services, supply chain and order fulfillment, uniform and apparel-management services, and manufacturing and packaging operations.

Along with the housing units, Copper Village will also include at least 8,000 square feet of retail space for lease, Giarrusso says. He’s hoping Human Technologies can attract a daycare center as one of the tenants. A restaurant or even a microbrewery are other attractive options that would provide amenities to tenants.

The project still needs planning-board approval before it can begin, but Giarrusso hopes to break ground in the third quarter of 2024. Currently, Human Technologies is in the process of putting together funding sources for the project, he says. The nonprofit recently submitted a consolidated-funding application to Empire State Development.

Utica native opens dream business

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UTICA — As a creative child, Nazaria (Nazzy) Deloach had a dream for a space where he felt free to be himself and create. As an adult, Deloach is making that dream come true with his new business, Dreamer Studios, LLC, which opened in June at 2507 Genesee St. “I fell in love with music

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UTICA — As a creative child, Nazaria (Nazzy) Deloach had a dream for a space where he felt free to be himself and create.

As an adult, Deloach is making that dream come true with his new business, Dreamer Studios, LLC, which opened in June at 2507 Genesee St.

“I fell in love with music early in life,” Deloach says. He was in band all through school, but things really changed in high school when he got a computer and a microphone. That opened up more opportunity for him to create and record music.

Eventually, that turned into recording music for others with equipment set up in his mother’s house. Deloach also attended Mohawk Valley Community College (MVCC), receiving an associate degree in business administration. Along the way, he met Shehryar (K-Twist) Khan, who produced his music for him.

Last year, Deloach had the idea that maybe he could turn his home studio into a business and began asking clients if they’d be interested in working with him in a professional studio.

After several months of polling his clients, Deloach decided to go for it and asked Khan if he’d be interested in working with him to launch a studio. Khan agreed to sign on as a producer and engineer, and the pair has been working since November 2022 to start the business.

It was a lot of legwork and planning behind the scenes, Deloach says, to figure out budgeting and what they could afford now or what needed to wait until later. They decided to inventory the equipment they each already owned and what they needed to purchase.

“We invested a lot of time into making sure this is something,” he says.

What does he mean by something? A lot of different things, actually, but firstly his goal was to create a safe space for youth and creatives. Of course, Deloach also wants it to be a successful business, but his goals stretch further than that.

Ultimately, Deloach wants the studio to be a multi-media company and maybe even have its own music label someday.

His current clients include a little bit of everyone, from individuals wanting to record something to businesses that need something recorded. He plans to add audio-podcast recording soon, with plans to add video recording later on.

“I take anyone who shares the same passion as us,” Deloach says. “It doesn’t matter if you’re an 8-year-old or if you’re 65. You can come here and make beats. You can come here and make a commercial for radio.”

Some of his commercial clients include KISS-FM radio and the Levitt AMP Utica Music Series organizers. Deloach’s home-studio clients are still with him, and new clients are reaching out regularly, he says. He credits word-of-mouth advertising from existing clients and his membership in the Greater Utica Chamber of Commerce, along with a need for another professional recording studio in the area.

Dreamer Studios (www.dreamerstudiosny.com) celebrated its grand opening on June 14 with a ribbon-cutting event with the Greater Utica Chamber.

State’s $55.5M Small Business Revolving Loan Fund 2 offers microloans

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ALBANY — New York State recently announced that its expanded $55.5 million Small Business Revolving Loan Fund 2 is available to provide shorter-term microloans and regular loans to address “inequitable” capital access “by bridging the financing gaps facing new companies, under-banked communities, and small businesses.” It’s part of New York’s broader Small Business Credit Initiative

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It’s part of New York’s broader Small Business Credit Initiative efforts led by Empire State Development, the office of Gov. Kathy Hochul said in an Aug. 7 news release.

This expanded program will leverage financial-loan capital to help generate economic activity by expanding access to short-term loan capital for small, micro and “socially and economically disadvantaged,” individual-owned businesses that have faced “historical barriers” to obtaining credit or adequate loan terms, Hochul’s office said.

The first round of the Small Business Revolving Loan Fund was launched in 2010.

“Ninety-eight percent of New York’s businesses have fewer than 100 employees and are a key driver of our economic growth,” Hochul said. “The Small Business Revolving Loan Fund 2 will bolster these small businesses, especially our minority and women entrepreneurs, and help build the economy of the future.”

“When our small businesses succeed, our communities succeed,” Hope Knight, president, CEO, and commissioner of Empire State Development said in the release. “The Small Business Revolving Loan Fund 2 will support our small businesses by providing capital to help businesses thrive, create jobs and grow New York’s economy, now and for the future.”

Small businesses may apply for lending through a participating community development financial institution (CDFI). Program lenders use the capital from the program, along with matching capital from other resources to further enhance available funding for small businesses.

Typical uses of funds are working capital; acquisition and/or improvement of real property; acquisition of machinery and equipment; and, in some cases, refinancing of debt obligations.

Microloans (loans between $500 and $25,000); and regular loans (typically as large as $250,000 or more depending upon the lender) are available with terms based upon each lender’s individual offerings.

Program lenders are the primary point of contact for borrowers, and each have their own loan-application process and loan products. Competitive interest rates, terms, and fees are determined by the individual program lenders, who are also responsible for applications and credit decisions, Hochul’s office said.

Participating lenders

Participating lenders for this program include Syracuse Cooperative Federal Credit Union with a service area that includes Cayuga, Cortland, Madison, Onondaga, and Oswego counties.

Another lender is Adirondack Economic Development Corporation. Its service area covers Essex, Franklin, Hamilton, Jefferson, Lewis, St. Lawrence, Fulton, Herkimer, Oneida, Oswego, Saratoga, Warren, and Washington counties.

Finally, two other lenders include NYBDC (dba Pursuit Lending) and NYBDC Local Development Corporation (dba Pursuit Lending), both of which serve all New York counties, per Hochul’s office.

Five Star Bank partners with software firm on digital loans

Banks & Credit Unions, Small Business, Subscriber Only, Technology

WARSAW — Five Star Bank is now offering digital-loan origination for small businesses through its partnership with Numerated, a Boston, Massachusetts–based software company. Five Star Bank is the wholly owned community bank subsidiary of Financial Institutions, Inc. (NASDAQ: FISI), which is headquartered in Warsaw in Wyoming County in Western New York and has branches across

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WARSAW — Five Star Bank is now offering digital-loan origination for small businesses through its partnership with Numerated, a Boston, Massachusetts–based software company.

Five Star Bank is the wholly owned community bank subsidiary of Financial Institutions, Inc. (NASDAQ: FISI), which is headquartered in Warsaw in Wyoming County in Western New York and has branches across that region and Central New York, including Auburn, Geneva, and Waterloo. Five Star Bank earlier this year entered the Syracuse market with a new commercial-loan production office at 115 Solar St. in the city’s Franklin Square area.

In the partnership with Numerated, new or existing New York small-business customers with a Five Star Bank business checking account may apply for term loans and lines of credit for total lending exposure of up to $250,000. They can apply online at www.five-starbank.com.

“We understand that business owners need ready access to capital to run their businesses, from managing cash flow to investing in inventory and equipment to support their growth,” Jeanne Stegmeier, VP and small-business leader with Five Star Bank, said in a news release. “Through our expanded partnership with Numerated, new and existing small business customers now have the option to apply for a loan or line of credit online…”

Five Star originally partnered with Numerated to support its participation in the federal Paycheck Protection Program (PPP), which involved forgivable loans designed to keep businesses afloat during the COVID crisis, in 2020 and 2021. Through both rounds of the PPP, the bank provided about 2,900 small businesses with more than $370 million in loans.

By leveraging the online loan-origination capabilities of Numerated, a business-banking fintech, Five Star is expanding its suite of products dedicated to supporting small businesses, the bank said. Services include payment management, remote deposit capabilities, and access to the Five Star Bank Marketplace of third-party financial apps.

C & D Advertising formally opens new office location

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ROME — C & D Advertising has officially cut the ribbon on its new office space in its new hometown. That new home, at 103 West Court St. in Rome, was completely remodeled to become a modern office space not only for the advertising agency, but also for multiple business tenants. The project was several

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ROME — C & D Advertising has officially cut the ribbon on its new office space in its new hometown.

That new home, at 103 West Court St. in Rome, was completely remodeled to become a modern office space not only for the advertising agency, but also for multiple business tenants.

The project was several years in the making, thanks in no small part to the pandemic, but definitely worth the wait, Jenn Brillante, C & D’s president, contends.

Brillante and her husband, Chris, purchased the building in March 2020 with the intent of renovating it from its former use as a doctor’s office.

“It was definitely an interesting 2020 because we had the best laid plans and then COVID hit,” she says. Chris began gutting the second floor of the building and the couple slogged their way through renovations during the pandemic. They oversaw the project themselves, hiring various local contractors to do work only when needed.

Work included new insulation, a new driveway, electrical work, and designing open and inviting space for the advertising agency that helps foster collaboration among its 14 employees, Brillante says. They had funding help for the project in the form of a $50,000 Downtown Revitalization Initiative grant from Rome and a $25,000 grant from National Grid’s Main Street Revitalization Program.

With work finished upstairs first, C & D moved into the second floor in January 2021. Previously, the agency had offices on Genessee Street in Utica. George Carpenter and Barry Damsky founded the agency in 1997. Brillante became the majority owner of C & D in January 2021.

She first joined the company in 2012 and feels fortunate to have learned from Carpenter. “I was able to learn from him and grow the practice,” she says. The agency built out new departments for services it used to contract out for, adding new employees and new clients along with those new departments.

“We basically have doubled our size in the last 10 years,” Brillante says, adding that the agency has tripled its client roster during that period.

C & D has carved out a niche with a focus on the tourism industry, with clients including Enchanted Forest Water Safari and Oneida County Tourism. As a full-service advertising and marketing agency, it has generated many other clients across numerous sectors including Symeon’s Greek Restaurant, Clinton Tractor, Buy Madison County, Gates-Cole Insurance, Edible Arrangements, and numerous nonprofit organizations. Services include business-strategy planning, media buying, social media, and video/graphic design.

In the new building, C & D offers photography, videography, and audio-production suites including an audio-podcast studio on the first floor, which also contains office space for lease, Current tenants include Brillante Enterprises, LLC, which is the Brillante’s real-estate management company, along with Chris Brillante’s Roman Cleaning Service. One Nine Photography is also located on the first floor, and there is one 1,200-square-foot suite still available for lease.

Brillante says she is excited to have her business poised to grow in her hometown and is proud to be part of the downtown revitalization and giving back to the community.

One way the agency is giving back is through the creation of a college internship program. While C & D has welcomed interns in the past, this year it made the program official with a two-year program where interns spend one year working with the agency and the second year working with one of C & D’s clients. It has five interns this year.

Along with celebrating the new location, Brillante is also working to get C & D Advertising certified as a woman-owned business.

SBDCs provided support for 24K NYS small businesses in 2022

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New York Small Business Development Centers (SBDCs) provided direct support to more than 24,000 small-business clients across the state in 2022. The work of New York’s 22 regional SBDCs last year resulted in more than $475 million in financial impact, 2,000 new business startups, and more than 10,000 jobs created or saved, SUNY said a

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New York Small Business Development Centers (SBDCs) provided direct support to more than 24,000 small-business clients across the state in 2022.

The work of New York’s 22 regional SBDCs last year resulted in more than $475 million in financial impact, 2,000 new business startups, and more than 10,000 jobs created or saved, SUNY said a July 26 news release.

SBDCs are administered by SUNY and primarily funded by the U.S. Small Business Administration (SBA).

“NYSBDC is a vital organization that truly is a lifeline for small businesses and the customers and communities they support,” SUNY Chancellor John King, Jr. contended in the release. “SUNY is committed to economic development and upward mobility across the state. Hand-in-hand with the NYSBDC, SUNY showcases how networks of learning and entrepreneurship can fuel the future of business and the new world of work while creating a pipeline of support by educating the next generation of workers.”

The New York SBDCs work closely with other state economic-development agencies, faculty, and students at host institutions, as well as representatives from private industry and business to focus resources on assisting small businesses and entrepreneurs.

The SBDCs emphasize counseling and training services for women, veterans, people with special needs, and minority clients, SUNY said.

In 2022, the SBDCs served a diverse group of clients with women accounting for 47 percent and minority groups comprising 40 percent. Another 15 percent of clients were from rural areas, 6 percent were veterans, and 2 percent were individuals with disabilities.

The New York SBDCs additionally served more than 17,500 individuals through a series of more than 500 webinars and workshops addressing various topics for entrepreneurs, including grant access, business-plan writing, and taxes. The webinars assist in attaining professional development and certification goals and help to ensure both advisors, NYSBDC clients, and the broader public have the necessary skills to tackle the challenges of business ownership. The SBDCs work also includes connecting potential employers with job-placement offices on SUNY campuses.

“I couldn’t have done it without the Onondaga SBDC & [SBDC Advisor Mark Pitonzo],” Michael Bower, president of Eagle Metalcraft, Inc. of DeWitt, said in the SUNY release. “They helped me with the business valuation, creation of a business plan and construction of financial projections for external funding.”

“As a result of the funding facilitated by the Binghamton SBDC, the majority of Quadrant’s employees in New York State were retained (43 jobs saved),” Richard Uhlig, CEO of Quadrant Biosciences, said. “Further, since August, we’ve added six new employees.”

Established in 1984, the New York SBDCs have worked with more than 519,000 businesses, helping them invest $7.5 billion in the state economy and create more than 240,000 jobs.

Banker offers small firms’ tips on navigating current economy

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Despite the doom and gloom in the headlines, the overall small-business outlook is still fairly positive, says Lindsay Weichert, senior VP and commercial-banking group manager at Community Bank, N.A., a DeWitt–based commercial bank serving customers in upstate New York, northeastern Pennsylvania, Vermont, and Massachusetts. While the Federal Reserve is still working to cool down the

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While the Federal Reserve is still working to cool down the economy, experts are split as to whether there will be a recession, she says.

“So far, the economy has been really resilient,” Weichert notes, with many experts predicting any recession will have a “soft landing” and not be anywhere near as damaging as previous recessions. However, that doesn’t mean small businesses aren’t feeling the effects of economic conditions and the Fed’s efforts, she adds.

“Any time you have one of these inflationary environments, expenses can tick up,” Weichert notes. In particular, interest expenses have nearly doubled in the past year, meaning businesses should keep a close eye on their borrowing.

Another area to watch is the cost of shipping. With news of trucking giant Yellow Corporation’s bankruptcy and UPS workers in the midst of negotiating a new contract, shipping costs are likely to rise further, she says.

Yellow’s bankruptcy is also a warning to businesses to make sure they are monitoring the health of the businesses with which they do business. From suppliers to vendors to clients, make sure those companies are healthy and able to deliver the goods or pay on time, Weichert says.

The most successful business owners are the ones that stay on top of their own finances as well, she notes. Focus on finances at least once a month, she says. “Make sure you’re surrounded by a really good team,” Weichert says. That team of advisors should include a banker.

Finally, she recommends that new businesses, or people just thinking about starting a business, focus on building a banking relationship before they even need to borrow money.

“There’s definitely a lot of capital out there,” she says. “Banks are ready to lend.” However, it might be easier for an established business to tap into that funding than it is for one just starting out. That’s where having a banking relationship is key, she says.

“If I was someone trying to start up a small business, I think that would be something I would focus on,” Weichert says of cultivating a banking relationship.

More new small businesses than ever are starting these days, especially as the area continues its transition from a “rust belt” to a “brain belt” ecosystem with companies like Micron coming in, Weichert says. “That’s very exciting to me.”

Community Bank considers Syracuse a growth market with Micron and ancillary companies expected to create around 50,000 new jobs.

The year-old CHIPS and Science Act — which sets aside about $50 billion to boost the domestic production of computer chips — coupled with the state’s own investments into developing a chip corridor from Syracuse to Albany are key factors to the development of that new business ecosystem, Weichert says.

“That is a real area of opportunity for some businesses in New York,” she says. “We’re really poised to take prosperity here to the next level.”

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