On June 2^nd, The Commonwealth Institute was pleased to host Governor Deval Patrick for a special breakfast event.  Over 300 business owners and business leaders, along with members of the Governor's cabinet, were in attendance to hear how Massachusetts is responding to the current economic crisis.

The Governor outlined some of his administration's priorities which have been greatly affected by the $9M budget shortfall.  Included are investments in the green space, transportation systems and costs, and ethics/lobby reforms; all of which are frequently cited in the local media.  The Governor highlighted the Commonwealth's robust rainy day fund - one of the strongest in the country.  Given these resources, the Governor and his administration will take a blended approach to stimulating the state economy by utilizing those rainy day funds, federal funds, and tax revenues.

While there are still many challenges that lay ahead of us, there is reason for optimism.  Going a step further, Governor Patrick emphasized the importance of staying positive during these times; a mentality that can be hard for many of us to embrace during challenging times.  His parting wisdom to businesses, both large and small, was the following:

• Stick to what you know and keep running your business.
• Let the government know of any challenges you face, particularly with regards to accessing capital.  The small banks in our region were not hit as hard as the larger U.S. banks and could offer more assistance.
• The government can also assist with those who may be experiencing delays in their permitting requests.
• There is substantial money on the sidelines.  Business owners need to be diligent and ready to take advantage of these funds when we see a turnaround.

After answering questions from the audience on transportation issues, the new health care mandate, and the controversial sales tax increase, Governor Patrick encouraged everyone to visit www.mass.gov/recovery.  This comprehensive site tracks every dollar and contract and illustrates the state government's commitment to transparency with all federal and state funding.  If you have specific questions regarding the stimulus money, you can refer to Jeffrey Simon, Director of Infrastructure Investment for the Commonwealth of Massachusetts, at 617-727-2040.

Thank you to those who attended this special and relevant forum.  TCI is committed to helping women business owners run successful businesses, and we will continue to develop relevant programs and events to educate and engage our business community.