First the good news. First quarter 2020 economic activity in the Whiteside Carroll Enterprise Zone (WCEZ) came in at an impressive rate! There were three project applications approved with a $33.5 million investment in the WCEZ. Additionally, 207 jobs were created or retained. This followed on the heels of full year 2019’s 19 projects and an investment of $38.6 million, including the creation and retention of 450 jobs.
Now the bad news. The COVID-19 crisis has slowed down the activity in the WCEZ. Prior to the pandemic, there were 18 projects in the pipeline, with several applications being prepared for the approval process. Unfortunately, due to the uncertainty, some the projects have slowed down or been put on hold.
Gary Camarano, WCEZ Administrator, said, “Given the circumstances we find ourselves in, this is completely understandable. However, from conversations with some of the potential project applicants, I come away with the feeling that many of these projects are just slowing down, or looking to resume the application process in full when the current lock down is lifted. We may lose some, but many projects are looking to resume when we emerge from the current environment.”
While many predict a sharp hit to the economy in the second quarter of 2020, what follows is widely debated. Whether it is a V- or U-shaped recovery, or a prolonged “saw tooth,” sideways recovery, it is open for debate.
Camarano added, “I’ve participated in a few conference calls with some prominent economist from the U. S. Chamber of Commerce and several major banks….Quite a few are looking for the start of a recovery in 3rd quarter 2020, with improvements continuing as we make progress combating the virus. And, there is strong confidence that we do get through and we do get back to business and normalcy.”
For the time being Whiteside County Economic Development is getting information out to its partners and the community regarding the various programs for businesses from Federal, State and local sources, and general information that may be useful in the current crisis. Camarano added, “We are preparing applications for the Downstate Small Business Stabilization Program, providing information on links to the Federal and State loan and grant programs currently available, and assisting our Enterprise Zone projects continue ahead. Valuable information from our Economic Development newsletter, the Illinois Department of Commerce & Economic Opportunity and the Illinois Manufacture’s Association about federal, state and local programs and assistance available is posted on our website, http://nwillinoisadvantage.com/ . Specific inquiries can also be sent to us at econdev@whiteside.org.”