Football and the Economic Recovery

Photo Credit: Taylor Russell

Photo Credit: Taylor Russell

I took our local weekly newspaper to lunch with me the other day. The cover story looked fairly enticing: the Carl Hayden Falcons, a local high school football team, suffering through years of winless seasons, hovering on the brink of breaking the record for consecutive games lost, overcomes the odds and wins.

Of course there are several underlying story lines in the article, apart from the obvious feel good, underdog, against-all-odds football win: the high school is in a low-income area, the head coach was much touted and took the job after turning around another local school and turning it into a football powerhouse, the place of major high school athletics compared to academics, and since this is Arizona, immigration subtext abounds as well.

But the article is really about football, hope, and above all else, overcoming adversity and the trials and tribulations that accompany hope and defeat. An allegorical tale for this time of economic turmoil and recovery if ever there was one.

So now comes the elaboration on the allegory.

I don’t think it takes a great leap of logic to see the similarities between the Carl Hayden Falcons and today’s small business (or more pointedly, small business over the last 18 – 24 months). We’re coming out of one of the most devastating finical crises we’ve seen in decades, the President announced several initiatives to improve access to credit for small businesses, and banks are finally beginning to relax their lending requirements. We’re winning, we’re on the verge of breaking “the streak”, and we’re headed toward “the Recovery.”

And at Newtek we’re doing our part to assist in that momentum. Barry Sloane, CEO of Newtek Business Services, recently announced that Newtek is assisting the FDIC in managing and servicing SBA loans acquired from failed financial institutions. And over at the seminal New York AM sports station WFAN, Boomer Esiason, former Cincinnati Bengal’s quarterback and current morning co-host of the Boomer and Carton show, mentioned how Newtek was able to assist his non-profit foundation save over 20% on its merchant processing fees (Boomer’s endorsement can be heard here).

The Recovery is on its way. As a small business you have multiple channels available to assist you in growth and continued viability. If you’re interested in your options, please give us a call and let us know.

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