Wall Street's ill winds not affecting Providence business so far

By Graham Terry

September 19, 2008 | PROVIDENCE -- An economic crisis of historic proportions is the overriding concern for Americans today, and nearly every news broadcast contains some mention of Main Street, as in "how will this unbelievable turn of economic events effect Americans who live in towns with Main Streets?"

It doesn't get much more Main Street than Providence, where Jeremy Jones, co-owner of Iron Gate Grille on 100 North, is upbeat about doing business despite bad news from Wall Street.

"I feel like the biggest opportunities are in down markets," Jones said. "The people who are out there really busting it can make it."

Terri Wennergren, who works in the city offices and issues business licenses, said she is not seeing any businesses close and a few more are moving in. While over two thirds of the businesses in Providence are home, not commerical, businesses, the local tax base was recently broadened significantly by the construction of a Mega-Macy's and fuel depot across the street from Jone's successful restaurant and catering business.

Obtaining a business license in Providence is straightforward and cheap: $25 annually for a home business, or $50 annually for a commercial enterprise. Wennergren said that's much lower than in neighboring Logan.

Providence is positioned well to continue to be a great place to own a business. State Road 165 merges with U.S. 89-91 heading north right on Providence's doorstep. Residents of Hyrum, Nibley, Paradise and Avon essentially have to drive through Providence's commercial district, with its immense Macy's, movie theater, numerous eateries, and Maverick Country Store.

"It's certainly a good place" to do business, Wennergren said. "Better than further south."

Another road, 300 East, runs northward into Logan's Cliffside neighborhood, providing a quick back route into the heart of Providence's charmingly rural residential block for those who want to avoid the crowding, heat and smell of Main Street driving.

Jones said he "moved here because it was a new building and the city welcomed us," but he took Providence's great position at the nexus of so many useful roads into account as well. "We're close to all the roads and that helps with catering because we can be on the highway immediately." Plus, "Parking is more friendly here."

There's something else at work here, too, call it Main Streetyness.

"It's a more personal community. It's easy to work with the city and establish close relationships," Jones said, citing the ease of working with city officials such as Wennergren and City Administrator Skarlet Bankhead.

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