Rarely has it been more important for businesses to stay connected, informed, and prepared to respond agilely to changing economic conditions than it is right now. One way to do this is through participating in remote events and continuing educational seminars.
In November 2020, First American Bank organized a three-part virtual event with the Technology and Manufacturing Association (TMA) to educate its members on the overall 2021 economic outlook for manufacturers and exporters, the potential impacts of a new Biden Administration, and how to leverage Small Business Administration (SBA) resources and loans along with commercial products like credit insurance to continue selling confidently in today’s uncertain climate.
November’s 2020 event was a three-part live webinar series held over a three-week period and was a follow-up to our successful 2019 inaugural TMA event. Daniel North, Chief Economist of Euler Hermes, delivered the first webinar, providing an overall 2021 economic update and discussing the role the new Administration could play in a post-COVID recovery. In the second event, First American Bank led an open discussion on the export resources available to manufacturers from the SBA and Export-Import Bank (EXIM), with opening remarks by the EXIM Chairwoman, Kimberly Reed. The third event was hosted by subject matter experts from First American and Euler Hermes, who discussed the important role working capital will play in the coming recovery and techniques to manage risk though credit insurance. Over 100 people attended the remote event.
When it came to members’ questions and concerns, top of mind was what the manufacturing industry would look like in 2021 on the backside of the coronavirus economic contraction. While anything tied to the hospitality, retail, or airlines sector will likely continue to see a slower recovery, manufacturers supplying outdoor living, construction, consumables, and e-commerce will continue to see growth. Moreover, many companies are finding new opportunities for expansion through the pandemic’s adversity.
Overall, many business owners who attended the event agreed that they would be likely to exercise caution going into 2021, with the expectation of significant inflation pressure in both labor and materials as well as new government regulation related to international trade which could also affect manufacturing costs. Along with this ‘wait and see’ approach to the new Biden Administration, few business owners seem bullish on a strong recovery just yet pending the effectiveness and distribution of recently approved coronavirus vaccines.
At First American, we see it as our mission to stimulate conversation. Education and information are tools with which our clients stay connected, informed, and prepared. Through this, we successfully build lasting, durable relationships with organizations like the TMA. Since 1925, the TMA has assisted members in growing their businesses by connecting them with other manufacturers, offering strategic training and education programs designed to meet the needs of today's manufacturers while opening up their businesses to international markets.
We see our role as a financial partner with manufacturing companies in much the same way. Through our association with TMA, First American over the years has become a part of the local manufacturing community wherever we operate. Our bankers hear directly what is going on in the industry on the ground, and what companies and small business owners need to grow. And most importantly we build relationships that last through every unexpected bump in the road.
