Finance Blog number 1

The unemployment rate in the U.S. held at 9.7 percent in February and employers cut fewer jobs than anticipated, indicating improvement in the labor market even as East Coast blizzards forced temporary closings of some businesses.

Payrolls dropped by 36,000 last month after a revised 26,000 decrease in January, a Labor Department report showed yesterday in Washington. The jobless rate, which has not increased since October, held at 9.7 percent, even as more people entered the workforce.

Stocks and the dollar rallied while Treasuries fell as investors reckoned the economy would have added jobs were it not for seasonal snowfall records in cities including Baltimore and Philadelphia. The U.S. needs employment growth to sustain a recovery from a recession that has cost 8.4 million jobs since December 2007.

“The weather effects were enough to transform what would’ve been a positive into a negative,” said David Resler, chief economist at Nomura Securities International Inc. in New York, referring to payrolls. “Job growth is happening as we speak. Companies are seeing a stabilization of demand.”

The Standard & Poor’s 500 Index rose 1.4 percent to close at 1,138.7 in New York. The dollar strengthened 1.4 percent to 90.3 yen from 89.02 the previous day. The yield on the 10-year Treasury note rose to 3.68 percent at 4:24 p.m. in New York from 3.60 percent late the prior day.

Payrolls were forecast to decrease by 68,000, according to the median estimate of 82 economists surveyed by Bloomberg News. The jobless rate was projected to increase to 9.8 percent.

Technology Services

Among companies adding workers is Accenture Plc, the world’s second-largest technology-services provider, which plans to boost payrolls by about 50,000, with as many as 9,000 jobs being added in the U.S. by the end of August.

“We are seeing a very broad uplift globally” in demand, John Campagnino, director of worldwide recruiting, said in a March 3 interview. He said the trend “brings us right back to the pre-recession” levels.

The number of temporary workers increased by 48,000 in February, the fifth straight monthly gain. Payrolls at temporary-help agencies often turn up before total employment because companies prefer to see a steady increase in demand before taking on permanent staff.

Christina Romer, President Barack Obama’s chief economist, told Bloomberg Television yesterday that it’s “very realistic” to expect employment growth in the U.S. in the next few months. Even so, “anyone that goes out and talks to people across this country knows that the labor market is still very distressed.”

Factory Payrolls

Factory payrolls increased 1,000 in February after rising 20,000 in the prior month. The median forecast by economists called for a drop of 15,000. Payrolls at builders fell 64,000 after decreasing 77,000. Financial firms reduced payrolls by 10,000 after a 13,000 decline.

The labor market may be slow to recover from the biggest slump since World War II, giving the Federal Reserve scope to keep interest rates low and putting pressure on Obama and lawmakers to foster job growth.

“A lot of people are not seeing the kind of job gains or income gains that they are looking for,” John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina, said yesterday. “There is going to be a lot of dissatisfaction with politicians and that is giving rise to this political angst.”

Many companies have been reluctant to hire even after the world’s largest economy grew at a 5.9 percent annual rate in the last three months of 2009, the most in six years.

Underemployment Rate

Economists surveyed by Bloomberg last month projected the jobless rate will average 9.8 percent in 2010 and end the year at 9.5 percent.

The underemployment rate — which includes part-time workers who’d prefer a full-time position and people who want work but have given up looking — rose to 16.8 percent from 16.5 percent. The number of part-time workers for economic reasons climbed to 8.8 million in February from 8.3 million the previous month.

Two storms blanketed parts of the country in early February, the second coming during the week that included the 12th of the month, the government’s survey week.

Yesterday’s report showed 1 million Americans said bad weather prevented them from getting to work during the survey week. About 290,000 people on average say bad weather has prevented them from getting to work, according to February figures going back three decades.

Economists at Macroeconomic Advisers LLC in St. Louis projected the weather would reduce the payroll count by anywhere from 150,000 to 220,000 workers. The drop will probably be reversed this month, they said.

January 1996

The most recent storm of similar intensity that occurred during a survey week was in January 1996. The current data for payrolls that month, which have gone through several revisions since the initial estimate, show a 19,000 drop in employment followed by a gain of 434,000 in February.

Government payrolls decreased by 18,000 in February. State and local governments reduced employment by 25,000, while the federal government added 7,000. The increase at the federal level reflected in part the hiring of 15,000 temporary workers to conduct the 2010 census.

The Census Bureau said it will hire 1.15 million temporary workers in the first half of the year to conduct the population count that takes place every 10 years. The program may have the biggest impact on payroll figures in April through June, when the bulk of the hiring will take place, and will then subtract from the job count the following months after the work is done.

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Winners in the first annual Best Bay Area Corporate Counsel Awards were named at an event Wednesday night.

About 400 people attended the awards ceremony at the Westin San Francisco Airport in Millbrae. The program was co-produced by the Silicon Valley/San Jose Business Journal and the San Francisco Business Times.

The awards honor the in-house lawyers who keep the business world running but who rarely receive public recognition. Finalists were named in 10 categories in January.

“During this process we’ve learned firsthand the numerous roles these attorneys play at their respective companies,” said James MacGregor, publisher of the Business Journal.

“We look forward to recognizing more corporate counsel in the years ahead,” added Mary Huss, publisher of the Business Times.

Nominees were required to have been employed full-time by a company in the Bay Area and to have held their current positions for at least one year.

An independent panel of Bay Area lawyers helped choose the finalists, based on material submitted through the nomination process.

James Strother of Wells Fargo & Co. was presented a lifetime achievement award free credit scores.

Winners in the other categories are:

• Best General Counsel — Private Company: Hilary Krane, Levi Strauss & Co.

• Best General Counsel — Public Company (Annual Revenue Less Than $1 Billion a Year): Mary Doyle, Palm Inc.

• Best General Counsel — Public Company (Annual Revenue More Than $1 Billion a Year): Jim Brelsford, SanDisk Corp.

• Best IP Lawyer: Anirma Gupta, Intuit Inc.

• Diversity Champion: James Potter, Del Monte Foods Co.

• Best Labor & Employment Lawyer: Roxane Marenberg, Cisco Systems Inc.

• Best Biotech / Health Care Lawyer: Sandra Wells, Affymetrix Inc.

• Best Solo General Counsel: Rebecca Hlebasko, Bridge Housing Corp.

• Best International Lawyer: Harry Turner, Renesas Technology America Inc.

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China is likely to soon overtake Japan to become the world’s second largest economy, a milestone that will only fuel growing fears about the economic might of the world’s largest country.

China’s economy grew by 8.7% in 2009, even in the face of a global economic slowdown. Japan, which will report its full-year numbers on Feb. 14, is expected to slip behind China due to the steep decline in its economy in the first half of last year.

Both China and Japan are likely to end the year with a gross domestic product, the broadest measure of economic activity, of just over $5 trillion. To put that in context, that’s only a little more than a third of the size of the U.S. economy.

But with its huge population edge on the United States, many economists believe it is inevitable that China will eventually overtake the United States — even if it takes another 20 or 30 years.

"It’s kind of like the U.S. and Great Britain 125 years ago. Given how much larger we were, it was only a matter of time before we caught them," said Jay Bryson, global economist for Wells Fargo Securities. "And it’s only a matter of time before they catch us."

But there are still many limitations on China’s growth prospects. For those who are scared that the U.S. will fall behind its Chinese rivals sooner rather than later, it’s useful to think back a bit more than 20 years, when Japan was considered a similar threat to U.S. economic dominance.

John Makin, a visiting scholar specializing in Asian economies at the American Enterprise Institute, pointed out that in the late 1980s, Japan was "viewed as the unstoppable force."

Since then the Japanese economy has struggled mightily, suffering through the so-called "Lost Decade" of economic decline followed by a period of only weak growth after that.

Of course, there are differences between Japan in the late 1980s and China today. Most notably, Japan was already a fully developed economy two decades ago.

China is still an emerging economy, feeding off the growth that comes from massive public works projects designed to catch-up to the infrastructure already found in the United States, Europe and Japan, as well as consumers entering the middle class eager to buy their first car or household appliance personal business card.

Echoes of Japan’s problems. But there are plenty of similarities as well.

There are signs of a developing asset bubble in China’s housing and equity markets. China’s banking system has been dogged by questions about its transparency. There is also a dependence on exports that are supported by the government’s manipulation of the currency and limits on population growth.

All were factors in Japan’s troubles over of the last two decades.

The last year shows one of the problems with a country whose economy is greatly export driven. When the global recession hit, China’s exports were not spared, and it took about $586 billion in government spending, to fill the gap.

That turned out to be a much bigger share of China’s GDP than all the various bailouts and stimulus packages in the United States.

Lakshman Achuthan, managing director of Economic Cycle Research Institute, said China’s exports, driven by its cheap currency, makes it vulnerable to even lower-cost developing economies.

"A ‘Lost Decade’ is not an immediate issue for China, but they need to shift away from export dependence," he said.

Adding to these risks is the obvious fact that China is still a communist country where the government, rather than free markets, makes many decisions on the allocation of capital and resources. The free flow of information is also limited.

Most Western economists would argue that this it not conducive to long-term economic growth, even if government control of economic decisions can help to boost output in the short-term.

"It’s a bit like a very powerful but inefficient engine," said Makin. "They need to develop a way to allocate resources and capital that’s not driven by not a bunch of central planners." 

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HoliMont Ski Resort is planning a $20 million expansion – the largest in its history – to increase the number of residential units surrounding the recreational complex.

Ultimately, the development calls for construction of 93 single-family homes, 72 condominiums, a 27,000-square-foot main chalet, several new slopes and lifts and a new outdoor skating rink. The work is expected to be done in phases during the next few years.

“We’re going to be cautious, and we definitely don’t want to put HoliMont at risk,” General Manager David Riley said.

The project follows the December opening of the $40 million Tamarack Club condo and hotel complex at Holiday Valley Ski Resort.

Between the two resorts, more than $60 million has been or soon will be invested in Ellicottville, which attracts not only Western New Yorkers but people from Ontario, Ohio and Pennsylvania.

“It’s encouraging,” said Corey Wiktor, executive director, County of Cattaraugus Industrial Development Agency. “HoliMont and Holiday Valley continue to work on projects that help refine and define their respective resorts.”

Despite a sluggish national economy, Riley said he is confident the demand is there for residential units – particularly those that allow buyers to “ski in and ski out” of HoliMont.

Last week, a 6,000-square-foot home in the Greer Hill subdivision that borders HoliMont’s Greer Hill run sold for more than $1.5 million to a Canadian buyer. The sale price set a record for the Ellicott-ville area.

“You look at sales like that and it tells you and me that there still is a lot of pent-up demand for real estate here,” Riley said, “even in this economy fast cash.”

The leveling off of the Canadian dollar is fueling development projects, as well, according to Wiktor.

“I think you are going to see a lot of investment in Ellicottville because of the Canadian dollar,” he said.

Much of HoliMont’s development will take place not in Ellicottville but in the neighboring Town of Mansfield. Officials there are nearly finished with their reviews.

“We’re definitely in the home stretch when it comes to all of our approvals,” Riley said, adding that he expects work to start this year on the first phase of residential units.

Based on early projections, he estimates it will take six to seven years to finish the residential units.

“The one thing we are not going to do is overleverage our membership and put HoliMont at risk,” Riley said.

Added Wiktor: “Traditionally, Holiday Valley and HoliMont do projects at incremental levels. You never see them biting off more than they can chew.”

HoliMont is the nation’s largest private membership ski resort with 4,400 skiers. More than 40 percent come from Canada and 25 percent come from Western New York. The remainder are from Ohio, Pennsylvania, Rochester and New England.

HoliMont was founded in 1964 as a private ski resort and companion to the larger Holiday Valley. It has more than 50 slopes and nine lifts and is open to the public on most weekdays. Weekends and holidays, it’s limited to resort members and their guests.

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The Toronto stock market headed for a lower open as oil prices fell on concerns about reduced demand and a stronger U.S. dollar.

The Canadian dollar was down 0.29 of a cent to 97.42 cents US.

U.S. futures also pointed to a negative open despite an earnings report from chip giant Intel Corp. after the market close that blew past expectations on earnings and revenue. But investors were less happy with results from JPMogan Chase, which beat earnings expectations but missed on revenue.

The Dow Jones industrial futures fell 44 points to 10,619, the Nasdaq futures declined 9.25 points to 1,879 and the S&P 500 futures were off 6.8 points to 1,138.4.

JPMorgan Chase earned US$3.28 billion or 74 cents a share during the final three months of 2009, primarily because its investment banking and trading businesses were still profiting from a 10-month market rally. The showing easily topping analysts expectations of 61 cents but total revenue fell below expectations and the company’s stock fell about two per cent in pre-opening trading.

“Even though actual earnings rose fourfold from a year earlier, investors are not happy with the fact that the retail bank operation still reported a loss for the quarter and boosted its loan loss reserves,” observed Andrew Pyle, investment adviser at ScotiaMcLeod in Peterborough, Ont.

“Well, after the almost unbelievable run higher in bank stocks last year you have to expect some disappointments along the way.”

Intel Corp. turned in a profit of US$2.3 billion or 40 cents a share, much higher than the 30 cents a share that analysts forecast. It also beat revenue forecasts and the number one maker of computer microprocessors delivered a bright profit outlook for 2010 short term personal loan.

Oil prices moved down for a fifth session with the February crude contract on the New York Mercantile Exchange 51 cents lower to US$78.88 a barrel.

The latest dip came even as the International Energy Agency predicted in its monthly report that oil demand will average 86.3 million barrels a day this year, or 1.4 million barrels a day more than in 2009.

The February bullion contract on the Nymex moved down $7 to US$1,136 and March copper was unchanged at US$3.39.

Before the markets open, the U.S. government provides two fresh readings on the economy.

The Labour Department is likely to report that consumer prices in December rose 0.2 per cent after rising 0.4 per cent in November, according to forecasts of analysts polled by Thomson Reuters. The report is also likely to show that consumer prices for 2009 posted their first annual drop since 1954.

Later in the morning, the Federal Reserve issues its report on production from factories, mines and utilities for December. Economists predict that industrial production rose 0.6 per cent, after rising 0.8 per cent the previous month.

Overseas, Japan’s Nikkei 225 stock average advanced 0.7 per cent while Hong Kong’s Hang Seng slipped 0.3 per cent.

London’s FTSE 100 index eased 0.24 per cent, Frankfurt’s DAX dropped 0.94 per cent while the Paris CAC 40 declined 0.6 per cent.

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French business confidence unexpectedly climbed in December to its highest level since March 2008 as Europe’s third-largest economy extended its recovery from the recession.

The Bank of France’s Business Sentiment Indicator for manufacturing advanced to 101 from 99 in November, according to an e-mailed statement today. Economists had expected the measure to remain unchanged, according to the median of five forecasts gathered by Bloomberg News.

The Paris-based central bank said the data suggest economic expansion of 0.5 percent in the fourth quarter, a decrease of 0.1 percentage point from its previous estimate. Declines in gauges for capacity utilization, total orders and production countered an improvement in order books, the central bank said.

“Businesses still remain skeptical and want to see what happens in the economy,” said Laurence Boone, chief French economist at Barclays Capital in Paris.

Finance Minister Christine Lagarde said last week that the government hopes to raise its growth forecast to at least 1 percent for 2010 from 0.75 percent as the recovery gains pace.

Industrial production grew more than twice what economists expected in November, gaining 1.1 percent from the previous month, statistics agency Insee said yesterday.

French businesses are benefiting from the economy’s return to growth in the second quarter of 2009 as well as government stimulus programs, even as increases in the euro and unemployment threaten the expansion.

On Jan. 6, Sodexo, the world’s second-biggest catering company, reported a smaller first-quarter revenue decline than some analysts expected and confirmed its annual profit target.

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Home price gains earlier this year flattened out in October, according to a report issued Tuesday.

The S&P/Case Shiller Home Price index, covering 20 of the largest metropolitan areas in the nation, was unchanged in October, after four consecutive months of gains. The index is down 7.3% from 12 months earlier.

"The turnaround in home prices seen in the spring and summer has faded," said David Blitzer, chairman of the Index Committee at Standard & Poor’s, in a statement. "Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip," he said.

Just seven of the 20 cities recorded gains from a month earlier.

The modest gains earlier this year were in part propped up by government initiatives.

"We’ve seen recent stability because of low interest rates and the impact of the first-time homebuyers tax credit," said Pat Newport, a real estate analyst with IHS Global Insight.

Prices are down from their all-time highs set in 2006 by 29% for the 20-city index.

Among the 20 cities, the worst tumble was taken by Tampa during the month. Prices fell 1.6% from September. Chicago and Atlanta recorded 1% losses.

The biggest gainers were Phoenix, up 1.3%, and San Francisco, up 1.2%.

Las Vegas sellers continued to bleed. Prices there fell just 0.1% but that marked the 38th straight monthly decline. The market in Sin City is off 55.4% from its peak. You can buy a home in Las Vegas for the same price it sold for in October of 2000.

"In most of the hardest-hit markets, price declines are moderating," said Mike Larson, an analyst with Weiss Research.

Los Angeles recorded a rise of 0.3% and San Diego prices gained 0.4%. Miami, however, declined by 0.4%.

According to Larson, falling supplies of homes on the market are helping to stabilize conditions. "Inventories are plunging on the new-home side and going down for existing homes," he said.

Not that he’s ready to break out the champagne, even with the New Year close at hand. "The market is recovering but it will be an anemic recovery," he said. 

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South Korean manufacturers’ confidence rose for the first time in three months after the government raised its economic-growth forecast for Asia’s fourth-biggest economy.

An index measuring expectations for January climbed to 90 from 85 a month earlier, according to a survey of 1,488 manufacturers released by the Bank of Korea today in Seoul. A measure of non-manufacturing companies’ expectations was unchanged at 84 for the third straight month.

The economy will expand about 5 percent in 2010 after growing 0.2 percent this year, the Ministry of Strategy and Finance said this month, raising its forecasts. The country posted a current-account surplus for a 10th month in November, the central bank said yesterday.

South Korea’s economy expanded 3.2 percent in the third quarter, the fastest pace in seven years, boosted by exports and local spending. Overseas shipments will increase 9.3 percent in 2010, after declining 0.1 percent this year, the Bank of Korea said on Dec. 11.

Today’s report showed an index measuring the outlook for exports gained to 104 from 98 a month ago, and a gauge for the domestic sales outlook in January rose to 100 from 98.

The Bank of Korea surveyed the manufacturers and 802 non- manufacturers between Dec. 14 and Dec. 21.

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General Motors is killing off another well-known brand — Saab, a quirky line of cars known for angular roof lines and ignition keyholes between the front seats — after talks with a Dutch would-be buyer collapsed.

GM, Dutch automaker Spyker Cars and the government of Sweden, where Saabs are made, were in discussions as late as Friday morning. Spyker said the sale was too complicated to complete quickly. GM declined to elaborate on why the deal failed.

GM plans to begin liquidating the brand early next month. However, the Detroit automaker will continue to honor warranties and provide service and spare parts to current Saab owners once the Saab dealerships close, Automotive News reported Friday. The auto trade publication also reported that the brand has 218 U.S. dealers.

Enthusiasts appreciated touches like placing the ignition lock between the front seats rather than on the steering column. Saabs were also known for unusual design, with flatter front windshields and sloping rear windshields that gave the cars an almost backward silhouette.

Saab was also a pioneer in turbocharged engines, beginning with the release of the Saab 99 in the 1970s, and the first carmaker to offer heated seating, in 1971.

GM bought a 50 percent stake and management control of Saab for $600 million after it split from Swedish truck maker Scania in 1989. It bought full ownership in 2000 for $125 million more.

Even after the GM takeover, Saab remained closely associated with Sweden and its history of making safe, reliable cars personal loan for poor credit. But GM never made money on the acquisition. Industry analysts complained Saab lost its distinctiveness in the crowded market for luxury cars under GM, which stripped it of its angular design.

"More and more frequently, they were using GM platforms and sheet metals, moving away from that uniqueness based on styling," said Tom Libby, an independent Detroit-area auto analyst.

It’s the third time this year GM has failed to sell an unwanted brand. In September, auto industry magnate Roger Penske scrapped plans to buy Saturn after he was unable to find someone to make them when GM stops making them in 2011. GM is phasing out Saturn.

And last month, GM halted a deal to sell the European Opel brand to a group led by Canadian auto parts maker Magna International Inc. GM will keep Opel, which, unlike Saab, it considers critical to its international plans.

GM did successfully sell Hummer, which will go to Chinese heavy equipment maker Sichuan Tengzhong Heavy Industrial Machinery Corp.

Saab employs about 3,400 people worldwide, most of them at its main plant in Trollhattan, Sweden. It also has a parts distribution center and a design center in separate locations in Sweden and an engine plant in Finland.

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ST. LOUIS — Holly Cunningham is expanding her business. Angela Watson is rebuilding her life.

Both are happening here, on the fourth floor of the St. Patrick Center, where holiday orders for goodies such as Lemon Heaven cookies and Holly Dolly dessert bars pour in.

It’s the busiest time of the year for Cunningham’s Hollyberry Baking Co., and she has turned to the region’s biggest provider of homeless services to help meet the demand.

St. Patrick is the only homeless services agency in the country to operate an in-house business incubator. In October, the agency opened a licensed commercial kitchen at the incubator and has since doubled its number of tenants, including the popular treat baker.

Cunningham, a Webster Groves mom, admits that it seemed an unlikely fit for her suburban business. Before taking the plunge, she said she gave her biggest sales pitch ever to employees, certain they would have trepidation about working downtown in a building that caters to transients.

She even ran the idea past some of her customers, making sure she wasn’t going completely off track. Support was overwhelming from both employees and customers, she said.

Watson is one of the four St. Patrick Center clients Cunningham has hired. Living in a women’s shelter and enrolled in a recovery program for drug addiction, Watson says the work experience and paycheck will help her get back on her feet and have job skills to get her permanent employment.

"I take life a day at a time," Watson said, as she packed fresh-baked dessert bars into clear plastic bags. "I’m a go-getter."

For Cunningham, the new kitchen at St. Patrick Center serves a dual purpose for her 11-year-old business. She can expand without the expense of adding on to her current business in case the uptick is only temporary. And she can tap into a ready-made work force that has been trained through various programs the center offers.

In turn, the social service agency has a new partner to hire those who many employers shun. In a climate of high unemployment, being homeless — often with a drug addiction or criminal record — makes finding work that much more challenging.

Cunningham and her employees train and supervise the St. Patrick clients working in the center’s kitchen.

"Having an established company here gives us a better grasp of food manufacturing and food distribution," said St. Patrick Center CEO Dan Buck.

St. Patrick Center received a $3.5 million federal grant to renovate two floors of its building at 800 North Tucker Boulevard, including space for a business incubator, which opened last year and now has 15 companies renting space. The businesses share a reception area and conference rooms, with access to office equipment such as a copy machine and postage meter. They pay for office space based on square footage.

The National Business Incubation Association says St. Patrick stands alone nationally as the only known center specifically catering to the homeless that has started an in-house business incubator.

"People are going to pay attention to this, especially given the current economic climate," said Corinne Colbert, spokeswoman for the association, which estimates there are 1,100 incubators in the country.

The U.S. Commerce Department’s Economic Development Administration, pleased with St. Patrick Center’s success, last month awarded the agency an additional $250,000 grant. It will be used to help buy more equipment for the culinary suite, which replaced a seldom used wood shop no fax cash advance. With the additional equipment, seven companies will be able to share the space, including two catering companies, a barbecue-sauce manufacturer, gourmet-popcorn maker and a company that specializes in whole-grain products including frozen waffles. In addition to startups, St. Patrick Center continues to look for established businesses such as Hollyberry to expand into the incubator.

"We’re encouraging companies to expand with a social conscience," Buck said.

The kitchen is a more practical work area than the wood shop, Buck said. Construction jobs are down, but there is always a need for food service and food production, he said.

"It’s an economic sector that is actually hiring," said Buck.

Outside the culinary suite, other businesses are using the St. Patrick incubator to grow their futures. Heaven Sent is one of them.

While in prison for dealing drugs, Lamond Allen repaired the dining hall’s stoves and refrigerators. That tinkering came in handy when his 7 1/2 year sentence ended two years ago.

With the help of St. Patrick Center, Allen got into a program that certified him in HVAC work. With that training, he started Heaven Sent, a building maintenance business.

He currently has a contract with the U.S. Department of Housing and Urban Development to clean up and make safe foreclosed homes, including checking for gas leaks.

Allen has two employees, one an ex-con who went through the same training program as Allen, and another living in transitional housing.

"My whole focus is giving someone a chance," Allen said. Moving his business from his home into St. Patrick Center has helped him navigate the various trappings of a new business including legal, financial and insurance needs. If there is any question on how to run a business, the staff at the incubator, headed by Jan DeYoung, is there to lend a hand.

"They’re my lifeline," Allen said. And through the incubator, he has begun building relationships with other businesses. For example, he hired A.U. Innovative Land Management for a hauling job.

Cathey Allen and Ren