Rejected bailout hurting S. FL businesses - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Rejected bailout hurting S. FL businesses

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By Juan Carlos Fanjul email
Posted by Rachel Leigh email

NORTH PALM BEACH, FL (WFLX) - "Closed for a month and a half, I had no option. Money wasn't coming in," said Anthony De Palma, chef and owner of Dolce de Palma, a quaint Gelateria in North Palm Beach.

Much like his Gelato, De Palma was forced to freeze his business for the summer because of the economy. Now, with news of a bailout plan rejected on Capitol Hill, he knows things will only get worse.

In fact, he tried to get a loan from a bank Monday afternoon. "I am trying to get extra money right now to expand. They are laughing at us right now. Deposits are low; income is low. There is no bailout for small business owners," he said.

A Federal Reserve Survey shows 65 percent of the nation's banks tightened lending standards to small businesses in July, up from 50 percent in April.

"Banks are trying to clean up balance sheets because of all the sub-prime mortgages. They are not lending to businesses, even those with good credit at this time," said Steve Hein, an Independent Financial Planner.

Yan Lin, who's family owns the China Star Restaurant in North Palm, is worried. With banks freezing up on loans, she knows she's lost her safety net to make the employee pay roll.

Yan says things have been so tough, she's had to do the cooking herself, even cleaning the plates. "Because you are cutting people to survive, but it's still hard because bills are going up."

It's clear Wall Street is having a huge impact on Main Street or in this case, US 1 in North Palm Beach. "They are not going to bail me out if I can't pay my bills, they'll just shut me down," said De Palma.

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