PORT TOWNSEND — Bank officials are in agreement: They want small-business owners to come in and talk before the Hood Canal Bridge closes for repair.
At a round table discussion on financial planning during the six-week Hood Canal Bridge closure that will begin in May, bankers urged Port Townsend’s small-business owners to talk to their local bankers about what they can do to make it through when access to Port Townsend is limited.
“It’s often the little things that can hurt a small business during a difficult time,” said Susan Whitmire, vice president of Kitsap Bank in Jefferson County. “Sometimes we can catch those little things and help you out.
“Just don’t be afraid to call your banker and ask for 30 minutes of their time. We’re all very much like-minded with where we want to go and how we can help you.”
The bridge will close May 1 while its eastern half is replaced in a $471 million project.
During the closure, some 15,000 to 20,000 drivers will have to find alternative routes between the Seattle area and the North Olympic Peninsula. U.S. Highway 101 will be the only land route to the east side of Puget Sound.
Passenger ferry service will be provided between South Point and Lofall.
Planning, partnership
Roger Kelso, First Federal senior vice president, said business owners should focus on two things during the closure: “Planning and partnership. We’re not going to get through this alone.
“Come to us and run the scenarios, work with advisers and decide what is important to you.”
Kelso said that while this is a time to consider cost-saving practices, no one should jeopardize their businesses’ identity.
“”You have to keep your brand in mind,” Kelso said. “You need do decide who you are and why you do what you do.
“If you change your brand too much, the memories change. People come back for a reason, so be careful of the cuts you make.”
For that reason, it was clear that the banks were cautious to give no blanket answers to businesses anticipating tough times during the bridge closure.
“There is no one-size-fits-all model for small businesses,” said Joan Broughton, vice president and manager of Frontier Bank in Port Townsend.
“But we urge you to make your bank part of your financial team.”
She said business owners should estimate the loss of business they might experience, and ask bankers about loans and lines of credit.
“Now is a good time to re-tool your business and trim the fat.”
The meeting was the second of three Hood Canal closure meetings hosted by the Port Townsend Main Street Program.
Mari Mullen, executive director of the program, said that any negative impact on businesses of the bridge closure will be compounded by the current economic downturn nationwide.
“We are encouraging business owners to plan ahead, map out their strategy for the closure, and work collaboratively with their banking partners,” Mullen said.
“We also ask businesses to partner on marketing, then hit the ground running after the bridge reopens in June.”
Marketing will be the theme of a meeting scheduled at 8:30 a.m. Feb. 20 at The Public House, 1038 Water St., Port Townsend.
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Jefferson County reporter Erik Hidle can be reached at 360-385-2335 or at erik.hidle@peninsuladailynews.com.
BREAKOUT BOX
HOW WILL HEALTH care providers ensure medical service during the Hood Canal Bridge closure?
A community forum at 6:30 p.m. Wednesday will attempt to answer that question, as well as addressing transportation planners’ preparations for the six-week closure that begins in May.
The forum will be at the Port Ludlow Bay Club at 120 Spinnaker Place.
It’s one of a series of free community forums planned throughout East Jefferson County. The forums are sponsored by the Jefferson County Library and The Leader, a weekly newspaper.
Other forums will be Feb. 18 at Port Townsend Community Center, March 11 at Jefferson County Library in Port Hadlock, and March 25 at the Quilcene Community Center.
A bridge canal closure meeting focused on marketing after the bridge reopens — which will be hosted by the Port Townsend Main Street program — will be at 8:30 a.m. Feb. 20 at The Public House, 1038 Water St., Port Townsend.
