The time is now
Beach Business Bank founding president Robert Franko. by Robert Franko A year ago, for Progress 2011, I wrote about “The Start of a Virtuous Cycle” as the economy was beginning to recover. Clearly, the South Bay has experienced a vibrant recovery. Homes are selling again. Prices have stopped falling. There have been some eye-popping prices for home sales in the local market. There aren’t nearly enough new homes to meet the demand. We are fortunate to be close to this beautiful coastline in some of the finest cities in the world. Our citizens are feeling good about the future. This recovery has been fueled in large part by the banks, which are making new loans, at record low interest rates, to revive the businesses that might have struggled, and to help start new ventures. Banks are anxious to lend money to good prospects with a solid business plan and strong credit support. Small businesses account for the lion’s share of new jobs created in the United States. The Federal Reserve has kept interest rates at the lowest levels known in our lifetime. With each new and revitalized business, people are getting back into the job market, spending their money and leading an economic…
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