Issue link: https://nebusinessmedia.uberflip.com/i/474766
Worcester Business Journal www.wbjournal.com 2014 Economic Forecast 33 ba n k i n g & fi n a n ce S P O N S O R E d B Y B efore 2014 begins, it is natural to look back at the past 12 months to remind our- selves where we've been. Casting an eye back on 2013, though, means revisiting the multiple starts and stops that the economy experienced. The year started with tremendous promise, as economic forecasts predicted moderate growth before it was expected to accelerate into 2014. Despite a strong start, consumer confidence kept hitting speed bumps every time the economy started to get rolling. First came the sequestration cuts in Q2, then the government shutdown in early Q4, and the continued partisan gridlock has done nothing to foster the optimism needed to spark sustained economic growth. Despite the frenetic pattern, there are plenty of reasons to be hopeful. The stock market continues to reach new heights, which indicates that compa- nies nationwide are financially stronger. Regionally, we're also seeing employer confidence growing. Just this month, the Associated Industries of Massachusetts reported that nearly a third of employers (32 percent) grew their workforce dur- ing the past six months. That expansion is encour- aging news as Central Massachusetts heads into 2014. In light of that outlook, we are glad to see so many of Clinton Savings Bank's business custom- ers making the decisions they need in order to compete in the coming years. Several are maxi- mizing their cash flow using CSB's cash man- agement ser vices. Others are opening business lines of credit to ensure they have the financial flexibility needed to take advan- tage of opportunities as they arise. In addition, our commercial lenders continue to match companies of all sizes with the loans that are best suited to help reach their business goals. Whether they need a Small Business Administration loan to turn an idea into a reality, a commercial real estate loan to open an office, or a commercial construction loan to break ground on a new project, our lenders listen to our business customers, work directly with them to find the best solution, and connect them with the best rates available. At the same time, we remain committed to ser- vice organizations as well, such as Clinton Hospital, the United Way, WHEAT Community Services, and countless others. The Clinton Savings Charitable Foundation is proud to support those groups that help others, or that work hard to make Central Massachusetts a great place to live and work. While Clinton Savings Bank enters the New Year with a positive outlook, we retain the cautious, conservative approach to banking that has pro- tected our customers and the companies we serve for more than 162 years. After all, fiscal battles like the debt ceiling and the Federal budget will con- tinue to create uncertainty, dampen consumer confidence and possibly hinder financial gains. Throughout our history, Clinton Savings Bank has earned the trust of individuals and businesses alike by providing them with the expertise needed to weather the challenges that may come their way. We're committed to continuing that tradition, and look forward to helping power our local economy for years to come. n Regards, Robert J. Paulhus, Jr. President & CEO Banking The Clinton Savings Bank Way Robert J. Paulhus, Jr., President & CEO