EDC reschedules Economic Summit to April 24

Economist Dr. Chris Thornberg will provide post COVID-19 economic forecast for Tulare County

@TheSunGazette

TULARE COUNTY – While the economy may have come to a screeching halt, business, and life, will eventually return to normal. The real mystery is what a post COVID economy will look like? What sectors of the economy will emerge, which will be eliminated and where will investors have enough confidence to put their money?

In Tulare County, those questions will attempt to be answered by economist Chris Thornberg during the 2020 Economic Summit. Originally scheduled for this Friday, March 27, the event was postponed in accordance with Centers for Disease Control (CDC) guidance to avoid large community events. The event has been rescheduled for Friday, April 24 at the Wyndham Hotel & Conference Center.

“The economic impact of COVID-19 on our communities, state and nation is vital to our economic success as a community and region” stated EDC Chairman Colby Wells in making the announcement.  He added “Our role at the EDC is to marshal the resources of the community to grow our economy and no one is better positioned to give us the facts and information necessary for future economic planning than Chris Thornberg.”

Thornberg became nationally known for forecasting the subprime mortgage market crash that began in 2007 and was one of the few economists on record to predict the global economic recession that followed, a prediction he gave to the Tulare County audience in 2007.  Well known for his ability to capture and hold audiences, Thornberg has presented to hundreds of leading business, government, and nonprofit organizations across the globe including Chevron, The New Yorker, Colliers International, the California Chamber of Commerce, City National Bank, the California State Association of Counties, State Farm Insurance, the City of Los Angeles, the California and Nevada Credit Union League, and the National Steel and Shipbuilding Company, among many others. He has testified before the U.S. Congress House Committee on Financial Services on municipal debt issues, before the California State Assembly Committee on Revenue and Taxation regarding rule changes related to Proposition 13, and before the Los Angeles City Council about proposed changes to local minimum wage laws.

Thornberg is a panel member of the National Association of Business Economists’ quarterly “Outlook,” and a contributor to monthly economics polls published by Reuters. He also serves as Chair of the California Chamber of Commerce Economic Advisory Council, is on the Board of Directors of the Los Angeles Area Chamber of Commerce, is an Executive Member of the Central City Association (Los Angeles), and is a member of the California Association for Local Economic Development. Prior to launching Beacon Economics Thornberg was a senior economist with UCLA’s Anderson Forecast. He previously taught in the MBA program at UCLA’s Anderson School, in the Rady School of Business at UC San Diego, and at Thammasat University in Bangkok, Thailand. He has also held a faculty position in the economics department at Clemson University. Thornberg has appeared on CNN and NPR and is regularly quoted in major national dailies including the Wall Street Journal and New York Times. Originally from upstate New York, Thornberg holds a doctorate in business economics from The Anderson School at UCLA, and a bachelor’s degree in business administration from the State University of New York at Buffalo.

A video message will be available soon from Dr. Thornberg that will provide a preview of his economic summit topic.

The Economic Summit will be restructured to implement appropriate standards in conformance with federal and state guidance for events.  Ticket holders can access up to date information at the summit website www.sequoiaeconomicsummit.com or contact Karin Ford at [email protected] No additional tickets will be sold for the event.

Saldana said the EDC board will move forward with its regularly scheduled meeting on March 25, albeit via teleconferencing. The EDC also launched the first of its bi-weekly webinars last week to present businesses with resources to assist them through the pandemic. Many of those resources are available on the EDC website, http://www.covid19bizassist.com/. For more information, email [email protected]

“As you know, our mission is to be ‘the regional leader of economic development by attracting, supporting and retaining business and industry for the communities of Tulare County’,” Saldana said in a released statement. “Consequently, we will be working around the clock to ensure that businesses receive the information, support and assistance they need in these trying times.”

The most important resource is access to capital. Through it Business Capital Fund, the EDC is working with local lenders and other nonprofit lenders to provide several options to address their cash flow and other needs. In addition to federal disaster relief loans through the Small Business Association, the EDC’s micro loan program offers short-term loans up to $50,000. Micro loans of less than $10,000 are available with terms from 24 to 48 months. Small loans between $10,000 and $50,000 are available with terms from 48 to 84 months and require a 10% down payment. For information on the interest rates of the loans, call and talk to EDC staff at 559-592-1349 ext. 202.

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