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Thomas M. Hoenig addressed nearly 250 people at the annual meeting of Midwest Small Business Finance Feb. 13 at the Embassy Suites-KCI Airport. Hoenig, who has served as the district’s chief executive since 1991, acknowledged the challenges to the economy but said a long-range, comprehensive view provides considerable reason for optimism.
“It is accurate that the economy has slowed,” Hoenig told the group. “But as we move through the course of the year, the odds are that we’ll see things improve.”
Hoenig provided detailed analysis of several aspects of the current economy. He noted that while consumers are cautious, the continued strength of employment means that spending will continue. Although home construction and financial services have been among the areas impacted by the sub-prime market crunch, most industries remain healthy. Agriculture, a major foundation for this area, appears to have completed a record high year.
Pete Hall, chair of Midwest Small Business Finance, noted that the organization also completed a record year in 2007, providing more than three times the loans from 2006, which was a record up to that point. This year is likely to exceed that, with an average of one loan completed each week since the start of the year.