Stimulate Business Growth

In particular, lack of recent growth from incoming and existing businesses in the region has resulted in fewer consumer clients for local banks and insurance, and less opportunities for industrial and commercial lending, leasing and insurance. Slow small business formation has also translated into less demand for financial services. Many local leaders feel that there is an untapped niche of would-be entrepreneurs at existing companies who could create a new demand market for regional banks. But local financial institutions have not nurtured or taken advantage of these possible capital ventures. Consequently, the region needs to stimulate new growth by cultivating attraction of new businesses, expansion of existing businesses, and formation of small startup firms.

Create Pro-Growth Climate

Many in the banking/finance industry believe that the region's business climate is not conducive to growth. Lack of coordination between governmental bodies across communities on zoning, permitting and marketing deters business development in the region. The region's historical lack of political will to pursue economic development, individually and together as a region, slows business growth and increases the cost of doing business.

Foster Downtown Kalamazoo Growth

Stimulating downtown development is yet another means to enhance demand for local financial services while, at the same time, adding new jobs and improving quality of life. Downtown Kalamazoo is perceived by many to be declining and is considered an inhospitable place to work and play. Improving downtown as an entertainment center with restaurants, nightclubs and shops, and as an attractive urban neighborhood, would significantly enhance the region's ability to attract much-needed younger professionals.