In it for the long haul

    In times of trouble, how shall we measure ourselves? We tell our children actions speak louder than words, that we are judged by our deeds. Accepted social mores in our country point to the proof of our merit being in our actions: how we treat others less fortunate. We talk with our children about the Golden Rule, Rotarians espouse the 4-Way Test … in our rural communities we talk about folks from “The County” and their work ethic. We pride ourselves on being friendly, down to earth and gracious (to strangers, to folks in need etc.). Yet somehow occasionally when times are actually difficult, we seem to turn on ourselves, and our willingness to help or pull together for the greater good of our community is lost in the fray.     For the last few weeks I’ve been highlighting various thoughts about economic development, fund-raising, a history of the organization, and things we’re up to on a daily basis. I hope as everyone considers what is best for our community we will reflect on whether we believe the best things in life come to us with perseverance, and not in haste. We must be proactive, and be in this for the long haul. Don’t the best communities pull together in times of trouble? Shouldn’t we be supporting each other, and looking for ways to put our best feet forward? There are limited resources and opportunities. We must pull together and work together to support our businesses.
    I  have been at the CCC&I nine years now, and somehow have inadvertently become the corporate memory of the last decade for what was two separate groups: the Caribou Development Corp, and the Chamber of Commerce. I am biased, clearly, and I am invested. I do not actually have an “antler guy” tattoo anywhere, but it’s a story for another day. I often tell new board members, ‘I didn’t know when I started I was going to be doing loans.’ What were those big black cabinets in my room with all those folders, and why were we being sent insurance notices anyway? But before I knew which end was up, a very gracious Key banker, and the CDC’s longtime attorney, Mr. Hugh Kirkpatrick were pointing me in the directions I needed to go to process paperwork, begin to get to know seven business people, and close seven loans the first six months I was employed. I continue to have relationships with the majority of those business people, and I feel lucky to have them. Some of the existing clients from 2001 have paid their notes in full, and moved on to be “chamber members” only. Some have served on the Board of Directors, and many have become informal “advisors” on a variety of things over these last many years.
    When they told me I was going to be the “Financial Officer” I was scared, and I felt it was my absolute obligation to be the steward of our loan portfolio for future clients (long after I was no longer the keeper of those monies). I had to do everything I could to recapitalize the funds, conserve as much money every year that I could, and along the way be able to tell every last taxpayer or member, or business person, or city councilor how I was spending the money they gave our organization. I feel absolutely responsible, and I want us to continue to grow, and improve, and assist ever single day.
    The women roll their eyes at me when they mimic me, with the “these are your tax dollars” comment, because we talk about it continuously. No matter what goes on from one year to the next, I feel lucky to be working at the CCC&I: everyday. As time has gone on, we’ve embraced being the Queens of the Yard Sale, participants in Caribou’s civic groups, and we are grateful for the many relationships we have with the business people, and the citizens of Caribou.
    I do not necessarily worry so much about collateral as I do about relationships. I do not worry about collecting every last interest cent, or late fee. I do hope our clients feel we are more like George Bailey than Mr. Potter. Years when we were short staffed, or not in need of some big fancy new piece of equipment, for electronics sake, we scrimpt’ed, saved and socked money away for our clients’ rainy days. We socked away over $120,000 from our general operating capital from 2002 to 2008. During that same time, we recapitalized three loans (just over $92,000), so the money would be available to loan to future Caribou businesses, and we built our bad debt reserves up from $31,000 to just over $342,000. How? No pens, no bottled water, no color copies, no cell phones, some years no upgrade to computers, no folders, no clips, tape or fancy stationary. And yes, sometimes over the years, not many staff.
    We had an auction a few weeks back, and because Mrs. Milton told the Keenan ladies her boss won’t let her buy pens, the Keenan’s came to our office the day after with supplies: pens, stickies and clips. I cringe, but the women are grateful and it’s true: I won’t buy pens. We will buy baubles for the children, everyone has to give back their large envelopes, and clips (even councilors), and no we aren’t going to charge you for a photocopy, phone call or a fax. Service needs to be first. I hope many people reading this will agree this has been their personal experience in our offices.
    The CDC and the Chamber merger took almost a year and a half to happen. It involved a great many people who felt the organization would be stronger, more economical, and more full service for the city. I would tell you we have done this. We saved the city over $564,000 since 2003 in reduced appropriations. We have grown our loan portfolio, and lent just over $6 million from the first grant from FAME for $71,000 in 1997. We have leveraged just over $10 million during that same period.
    Lately some have said our portfolio has grown to such a size that it should be administered by a regional entity with more staff. The regional development agency does have FAME money and USDA money, and it does administer loan funds for many of the smaller communities around us, who have small amounts of their own revolving loan funds, but do not have FAME or USDA money. Our funds are audited by FAME and the USDA, as is the regional.
    Historically, as recently even as December 2009, I have been told our portfolio compliance is the best in the state. We do not have six people administering loans. I understand economies of scale full well, and I do believe we can always cut expenses. We are always on the lookout for ways to save money, and increase services. I would tell you every day of the week, biased as I am, we are cheaper for your tax dimes, and our customer service is second to none. I believe our record, and our relationships, the last nine years reflects these statements as facts and not just propaganda.
    Would some say we compete with the regional as we lend monies? Yes. I would tell you competition is capitalism. In economic development there are no easy fast wins, and sometimes there isn’t much to celebrate. Inevitably when times are difficult, and budgets are tight people seem to become discouraged, and want to make sweeping changes to “fix things.” I don’t believe we’re broken. I would tell you our merger was a successful in many respects, and I would remind some it’s a marathon and not a sprint. I would tell you the community is best served by an organization with a single, vested interest: Caribou – together as a chamber, and as an economic development agency, with a large successful portfolio administered by its own business people, staff and bankers.
    Wendy Landes, MPA, is the executive director of the Caribou Chamber of Commerce & Industry.