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Paynet Founder William Phelan and House of Blues General Manger Ryan O’Shea on the economic outlook for businesses and efforts to boost lending for ...
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A new study says small business is getting the money it needs to expand and more importantly higher think about that.
So I wanted to find out if we've really turned a corner here not just in the big cities like Chicago but all over the country.
Today I spoke to the author of a new report.
And the operator of a very well known business venture right here in Chicago you know the brand.
The house of blues I was -- a short time ago take a look.
Lehman -- thanks for joining me I wanna talk about small business operators and William we've got a great view in a small business operators how well they're doing are they surviving this economy right now.
Well yes there's no stock market index for small businesses you know so what we see in the data is that small business can really drive this rebound.
We're starting to see them come back this and double digit growth last month the month before.
And frank who that if they consecutive quarters of double digit growth possible and.
-- you have like a microscope on small business you really know whether they're paying them their bills are not house so.
Well actually we we operated data consortium it's private network of information we collect every month so this real time -- is a great window.
-- how the small businesses are investing expanding what industries would geographic regions.
Still rainy Iran in the house of blues here in Chicago your general manager yet actually operators of small business inside a bigger company.
Live Nation house and going house.
House of blues venues across the country and -- we do have to operate them individually because every market is different Chicago's a great market.
It's great market for restaurants it's a city that loves its music so things are actually going pretty well of course -- Chicago.
-- getting a treatment from the audience that's going to be here way of -- do you find that entertainment is a good area a good arena for small business -- Our our -- a recent deep dive into the data actually shows that the amusement and recreation segment is.
The top growing through -- second top growing segment of all the different 21 industry segments.
And actually we were seeing more start up companies in amusement and recreation than in any other of those 21 different industry groups.
Wow that's impressive Ryan thanks for inviting us in the house of blues it's an amazing facility really beautiful but it's -- I would think during this economy sometimes have to work hard to get people in the front to work.
There is definitely a lot of competition in this city of one of the things that possibly Chicago is able to do was provide.
Really the ultimate fan experience we can.
Provide -- great dinner downstairs in -- restaurant in the you can come upstairs and see -- show we have late night blues and so we really can give you a full entertainment package -- even tweaking that package to make it more appealing to what we do have to get creative and so.
We're offering certain dinner packages we've got some great opera boxes in this -- that we can sell us a package with some food beverage options as well.
So it's -- not just coming to a concert we're giving you the full experience with dinner we can tailor packages.
To really give you -- full.
Is it night out for.
Your entire entertainment.
When.
You look at all the sectors you've drilled down -- a little bit on that I'm curious to about lending.
Our banks lending to small business has been a big complaint I've gotten from small business operators all over the country they say banks aren't giving them money is that still true.
Question what we see in the data and I just returned from Washington DC it was a major group of bankers to cut together.
Twenty billion dollars.
By the thirteen largest banks committed to small business over the next three years.
For example key bank five billion dollars so they want to put earning assets to work they're they're looking for good positive.
Companies to invest -- so I I think there's a -- -- -- Well let's I mean that's good news for small business operators either as I know it's been a big complaint for a lot of them Brian.
When you look out and I know you do this all the time because you've got to look around the corner you -- -- see the future.
What do you see coming six months twelve months down the road do you think the business is going to be better than is right now are you looking for more recovery.
We are and you know.
We're focusing our areas on special events this is obviously a great special event place.
If people are starting to companies are starting to spend a little money again on holiday parties and product launches and events and we're really trying to.
Get that part of the market.
And then we really just have to give people good value they have to have a great experience -- staff.
Lives in -- the house of blues they love it here and I think that translates when people come here and enjoy themselves and you know people really just want to -- value for the dollars.
I can tell you we've been walking all around this venue it's really pretty just a beautiful place I can imagine that people are knocking on doors.
We when you look at your data and I know yet you break it up a million different ways do you find that people are being.
Creative and innovative are they nimble are they able the move -- then demand is.
It's incredible you know the American ingenuity is at work in this country right now.
We're seeing real state services for example actually start to be the top startup or the second -- top startup industry of all.
And I think what's going on there is rules that companies are popping up to help with foreclosures.
Help with new appraisal process he's helping with a new way of doing business to facilitate mortgages so.
Well you know American ingenuity creating a new industry on the ashes of the old was really really working.
You may not see on the front page of the newspaper but at the end of the day these small businesses are cropping up in every field.
-- Ryan thank you so much and thanks for every man has to the house of blues it's been a great experience thing to you here.
