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Sep 30, 2008 5:50 pm US/Central
Bailout Bust Hitting Dallas Businesses
By Seema Mathur
DALLAS (CBS 11 / TXA 21) ―
Congress' failure to pass the $700 billion bailout can have a direct impact on businesses, affecting their ability to get loans.
The economic situation was one of first subjects Dallas Mayor Tom Leppert talked about today when he addressed a group of businesses leaders at a luncheon.
Leppert painted an optimistic picture, but also acknowledged challenges.
He talked about some of the vacant commercial buildings in Dallas, saying they can't just sit empty. They need to be sold to someone who can make them prosper, he said.
Members of Dallas' business community we talked to today share Leppert's balance of concern and optimism.
William McKemie manages a local deli, but he wants to open his own business. He's saved money and written a business plan, and a few months ago he took his dream to a local bank for a loan. "I presented a very well thought out business plan that I was very proud of," he said. "It took me a long time to create it."
The bank turned down William's loan application. He's convinced it's because banks are tightening lending.
Leppert said he's concerned about an increasing number of vacant buildings, but he also emphasized the simultaneous growth that's happening here.
But for people like William, the failed financial bailout makes his dream seem further and further away. "It just deepens my concern about getting a loan," he said, "and launching the businesses that I want to have one day."
Leppert also laid out other ideas to improve the economic outlook of the city, including improving its ability to land big conventions and being more open to international investments.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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