Hide Transcript Show Transcript

WEBVTT PROMISED LOANS TO SMALL PBUSINESSES AFFECTED BY THE RAPID PTRANSIT PROJECT, BUT TONIGHT, PACTION 7 NEWS REPORTER MEGAN PCRUZ FOUND OUT THE CITY HAS PBARELY BEGUN RAISING MONEY FOR PTHESE LOANS. PREPORTER: THAT'S RIGHT. PTHE CITY SAYS THEY'RE LOOKING TO PRAISE ABOUT $1 MILLION WORTH OF PLOANS, BUT TONIGHT, OFFICIALS PSAY THEY'RE NOWHERE NEAR THAT. PAND THAT HAS SOME OWNERS ON PEDGE, AS THEY TELL US THEY'RE PALREADY STRUGGLING TO MAKE ENDS PMEET. P>> THEY NEED THIS TO WORK SO HE PCAN STAY AFLOAT. PREPORTER: WE FIRST INTRODUCED PYOU TO CHARLIE AKKAD TWO MONTHS PAGO, WHEN CREWS STARTED RIPPING PUP THE MEDIAN IN FRONT OF HIS PCENTRAL AVENUE RESTAURANT TO PMAKE WAY FOR ART. PBACK THEN, HE SAYS BUSINESS WAS PALREADY DOWN ABOUT 25% BECAUSE POF OTHER CONSTRUCTION IN THE PAREA PNOW, -- >> YOU CAN FIND ANYWHERE FRO P35%-50% DROP IN BUSINESS. PREPORTER: AKKAD SAYS HE PROBABLY PCAN'T STAY OPEN MUCH LONGER, PWITHOUT A LOAN FROM THE CITY. POFFICIALS PROMISED FINANCIAL AID PTO BUSINESSES THAT CAN PROVE ART PAFFECTED THEIR BOTTOM LINE. PBUT TONIGHT, ACTION 7 NEWS HAS PLEARNED THE CITY HASN'T EVEN PRAISED HALF OF THE $1 MILLION IT PWANTS FOR THE LOANS. P>> WE REALLY HAVEN'T STARTED PTRYING TO RAISE THE MONEY PEITHER. PWE ARE IN THIS PROCESS, KNOWING PTHAT MARCH IS THE DEADLINE. PREPORTER: MARCH, MEANING THAT'S PTHE EARLIEST THEY'D AWARD LOANS PANYHOW. PTHEY TOLD US THAT BACK I POCTOBER, BUT SAID THEY MIGHT PCONSIDER GIVING OUT MONEY PEARLIER, IF BUSINESSES WERE PREALLY STRUGGLING. PBUT TONIGHT, THE CITY SAYS PBUSINESSES WILL HAVE TO WAIT. P WE JUST DON'T HAVE THE FULL PFUNDING YET, BUT WE INTEND TO PBUY MARCH. P-- BY MARCH. PREPORTER: THE CITY SAYS THEY PPLAN TO GET THE MONEY FROM PPRIVATE BUSINESSES AND PPHILANTHROPISTS. PAKKAD HOPES THE CITY MAKES GOOD PON ITS PROMISE P>> GOD WILLING. PTHIS IS MY LIVELIHOOD. PREPORTER: NOW, IT'S IMPORTANT TO PNOTE THAT BUSINESSES WOULD NOT

Advertisement City lacks loan money for businesses affected by ART Share Shares Copy Link Copy

Some Albuquerque businesses are begging for financial help. Earlier this year, the city promised loans to small businesses affected by the Rapid Transit Project. But Action 7 News reporter Megan Cruz found out the city has barely begun raising money for these loans, which has some owners on edge since they're already struggling to make ends meet. "I let one person go. I'm filling in," said Olympia Cafe owner Charlie Akkad. "We're doing all these things to make things work so we can stay afloat." KOAT first interviewed Akkad two months ago when crews started ripping up the median in front of his Central Avenue restaurant to make way for ART. Back then, he says business was already down about 25 percent because of other construction in the area. Now, "you'll find anywhere from a 35-50 percent drop in business," he said. Akkad says he probably can't stay open much longer without a loan from the city. Officials promised financial aid to businesses that can prove ART affected their bottom line. But on Monday, the city confirmed it hasn't even raised half of the $1 million it wants for the loans. "Right, but we really haven't started trying to raise the money either," said Albuquerque's Economic Development Director Gary Oppedahl. "I mean we're in this process knowing that March is our deadline." Back in October, Oppedahl told us the earliest the city would award loans is March, but that officials might reconsider giving money earlier if businesses were really struggling. But now, the city says businesses will have to wait. "We just don't have all the full funding yet, but we intend to by March," said Oppedahl. He says they plan to get the money from private businesses and philanthropists. Akkad hopes the city makes good on its promise. "God willing. This is my livelihood," he said. It's important to note that businesses would not have to pay back these loans. Oppedahl says if owners need money sooner, they can apply for a different loan that would require repayment.