New Albany implements loan program to help businesses through construction
LOUISVILLE, Ky. (WAVE) - The first thing most people notice driving into New Albany is the construction.
As visitors enter the downtown area on Main Street, they’ll see signs re-routing traffic and notifying businesses are open.
Between New Albany’s revitalization projects and Sherman Minton Bridge closures, businesses in the area said it has hurt their foot traffic and sales.
“Our first hope is that we are here when all this gets finished,” Owner of Eureka’s Menswear Dan Hardesty said. “After the construction started, our sales dropped about forty percent over what we expected them to be.”
Hardesty said in April of 2022, he moved his store three blocks from their old location to be on Main Street. He said it instantly boosted sales, then the construction started and changed everything.
Several businesses over the past few months said their sales have stalled, but the New Albany community is supporting them throughout the construction process.
Luckily, there is more financial support on the way for local businesses owners.
The New Albany Central Business District Loan Program (NACBDLP). This loan fund may be used to help cover costs such as payroll, rent, and utilities.
Hardesty said he believes this is the support impacted businesses need.
“One project I think we can allocate funds toward is our own advertising and get more products that people are wanting,” Hardesty said. “Basically, what I think it is going to do is assure we are still here when the project is over.”
Initial reports said the project was scheduled to finish by March of 2023. Now, officials are hoping construction will be completed by this fall.
“We want to thrive,” Hardesty said. “We need the right environment to do that, but that will happen, and I can see the light at the end of the tunnel.”
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