MEMPHIS, TN -
Nearly $800 billion was handed out by the federal government earlier this year. Where did all of that money go? Small business owners are saying, not to them. The May 2009 unemployment rate for Shelby County was jurst released and it’s nearly 10 percent. Many of those unemployed people worked for small businesses. Business owners say they're struggling because they aren't getting any money from the stimulus bill.
Yarniverse owner Brenda Meece says says she's not keeping as much product in stock at her East Memphis store.
“My business has changed. I'm buying more carefully. I'm buying less expensive yarn. Some of my imports have become difficult if not impossible to get,” Meece said.
Meece used to have two locations, but has cut down to one. She has two full-time employees and two-part time employees, but she says she's had to cut back on employee's hours.
“I'm pretty stubborn and determined, I will ride it out,” Meece said.
The Small Business Chamber of Commerce says there are a lot of local businesses in Meece's position. Small business owners met today to share ideas about how to get through the tough times.
“They are fairing ok. It's a difficult time for small businesses. There seemed to be a little excitement when the stimulus dollars rolled out last year, but it's been hard to get their hands on that money,” said Small Business Chamber of Commerce Executive Director Andre Fowlkes.
“Everybody is understanding. If you have a problem, and you have a good history with suppliers or your landlord. You try to work it out with them,” Meece said.
Not all small businesses are hurting. A consignment shop just doors down from Yarniverse is doing quite well. The owner says everyone is looking for a bargain these days.
Some stimulus money went to groups like the small business administration, which gives loans to small businesses. Fowlkes says many small businesses have had to take out extra loans or bring in partners to help pay the bills.
