Business Insight: Companies of All Sizes Gear Up for Investment in 2024

As we move through 2024, businesses of all sizes in North Central Ohio are planning significant strategic investments. According to our 3rd Annual North Central Ohio Economic Survey, 42% of companies are gearing up for major projects or investments this year, focusing on technology, market expansion, and boosting operational capabilities to stay competitive and grow.

Key Investment Areas

Survey results show that businesses, whether micro, small, middle market, or large, are prioritizing several key areas:

• Technology Upgrades: 45% of businesses plan to invest in technology, enhancing IT systems and adopting advanced technologies like AI and workflow automation.
• Marketing and Sales Expansion: 44% are investing in their marketing and sales efforts to drive market growth.
• Hiring New Talent: 41% aim to increase productivity by hiring new employees.
• Equipment Upgrades: 39% are focusing on upgrading equipment and new building projects.
• Talent Attraction and Retention: 38% plan to improve employee pay and benefits to attract and retain top talent.

While businesses are optimistic about their growth over the coming year, they are also mindful of challenges like inflation, rising costs, and higher taxes. These concerns are significant, but the planned investments demonstrate a strategic approach to overcoming these hurdles for future growth in 2024 and beyond.

Investment Solutions for Your Business

Achieving your business goals often requires access to capital and we can help get you what you need to grow the way you want to grow. Whether you're looking to invest in technology, expand your market reach, hire new talent, or upgrade equipment, we offer a range of commercial lending solutions to support your initiatives.

For technology upgrades, a Business Term Loan might be the right choice for long-term investments. If you're planning to purchase or expand your business, a Commercial and Agricultural Real Estate Loans can provide the necessary funding. To help manage day-to-day operational expenses and maintain smooth business operations, Working Capital Loans are available.

For equipment upgrades, an Equipment Loan can finance the purchase of new machinery or the upgrade of existing equipment. Small Business Loans, offering flexible terms and competitive rates, can support a variety of needs including marketing and sales initiatives, and are specifically tailored for small businesses. Agricultural businesses can benefit from government-backed Farm Service Agency (FSA) Loans for a wide range of needs including seeds, supplies, livestock and more. And for long-term financing options for agricultural real estate and rural facilities, a Farmer Mac Loan might be a good solution. Business Credit and Debit Cards provide businesses of any size convenient and flexible solutions to improve cash flow.

On Your Side

Our team of experienced professionals provides personalized financial solutions that meet your specific needs. By understanding the unique dynamics of our local economy, we are well-equipped to help you navigate the ever-changing economic landscape and achieve your business goals. Whether your business is planning to invest in new technology, expand into new markets, improve operational efficiency or hire new talent, First Citizens National Bank is here to provide the financial support you need to thrive.

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