Central and Eastern Kentucky
(2009-10-30)
LEXINGTON
(WEKU) -
The national recession might be officially over, but, the new finance commissioner for Lexington-Fayette Urban County Government believes central Kentucky's smaller banks and businesses will face lingering challenges.
Linda Rumpke says it remains difficult for many small businesses who need small, short term loans to demonstrate to lenders what she calls a bankable cash flow.'
"It's absolutely terrible. Access to credit remains an issue. We have small business owners who have depleted cash reserves. They've done a great job all these years, but the sustained recession that we're dealing with has literally just wiped out their cash reserves," Rumpke said.
City coffers are also feeling recessionary affects. Rumpke and Revenue Director Bill Omara reported recently the city is facing a two million dollar budget shortfall. The two advised members of an Urban County Council committee they will be coming forward with suggestions to deal with sagging revenues in November. Omara says strategic hiring is one possibility.
© Copyright 2012, WEKU
