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WSJ describes economy through Ann Arbor, Ypsilanti, Saline

Wednesday, March 17, 2010

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Entrepreneurship, Finance, Investment, Redevelopment

How the economy is recovering, or at least trying to, can be easily illustrated through the stories of businesses in Ann Arbor, Saline and Ypsilanti.

Excerpt:

YPSILANTI, Mich.�Thomas Harrison, chief executive of Michigan Ladder Co., has a plan that would contribute to the U.S. economic recovery: Expand the 108-year-old company, adding at least 20 jobs in the process. His chances of getting the loan of $300,000 or more he needs to do so, though, depend in part on what happens to folks like home builder James Haeussler.

Both are customers of the same community bank, the Bank of Ann Arbor. Mr. Haeussler is struggling to repay $8.3 million he and a partner borrowed to build a residential community in nearby Saline, Mich. In this economic environment, the bank doesn't want to take a chance on what it sees as a risky new loan to Mr. Harrison.

"In a world where Jim Haeussler makes it, Tom Harrison will make it," says Timothy Marshall, the bank's president. "But it's not prudent to do both loans at this point in time. We're in a more risk-averse mode."

Read the rest of the story here.