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Updated: June 7, 2024 @ 1:44 am
Employee Sarah Rougier and Gem Goddess Emporium owner Lorraine Martin.
Employee Sarah Rougier and Gem Goddess Emporium owner Lorraine Martin.
PLATTSBURGH — Lorraine Martin is willing to give everything she has to save her business.
“Because it means a lot to me,” Martin, who owns Gem Goddess Emporium in the City of Plattsburgh, said Wednesday.
“It means a lot to the people that come in.”
However, she doesn’t think the city government feels the same way.
REVOLVING LOAN FUND
Martin was one of three business owners who applied for the city’s downtown revolving loan fund (CDRLF) after it was made available last year, though her business was the only one that did not receive an approval recommendation.
The city’s downtown revolving loan fund, which was previously dormant for a number of years, had been reactivated specifically so the city could offer help to any downtown business that endured financial hardship as a result of the in-depth reconstruction of Margaret Street in 2023.
The project was one of the largest capital projects the city had undertaken in recent history and was initiated to replace the aging water and sewer infrastructure under several city streets, which had dated back to the early 1900s.
The majority of the project finally wrapped up in late fall of 2023 after it kicked off earlier that spring.
MARGARGET STREET PROJECT
For the roughly six months of construction, businesses on Margaret Street and surrounding streets saw varying degrees of financial impact as some people found it easier to avoid the downtown area during that time.
“There were days where there were like no sidewalks,” Martin said, adding that customers weren’t always able to physically get in the door of her shop, located at 72 Margaret St.
Gem Goddess Emporium has been at that location on Margaret Street since 2021 and Martin has taken pride in the unique products she offers the community.
Those who patronize the business will quickly find a diverse range of holistic products for different magical traditions and spiritual paths like crystals, homemade teas, books, herbs, roots, naturally made beauty supplies and much more from several vendors.
In addition to the products offered, Reiki, tarot readings, yoga classes and physic readings are all available there as well.
Over the course of the reconstruction project, however, Martin’s Gem Goddess Emporium reportedly lost 75% of its business.
‘A SLAP IN THE FACE’
Despite the losses being faced, when the city made her aware of a loan opportunity, she said she did not want to apply for it at first.
“Quite frankly, I thought it was a slap in the face,” she said.
But as time went on, business didn’t improve to what it had once been.
“We still weren’t getting the people back. I started selling through most of my product and I’ve been having problems replacing, replenishing to be able to be competitive in my marketplace.”
She also had to let go of most of her staff, she said.
Before construction began, eight people were on staff working in different capacities at her business. As sales dwindled, she couldn’t afford to keep them all and now has just two employees. The hours they can’t cover, Martin now does, leaving her less time to work on trying to grow the business.
All of this led Martin to eventually relenting and applying for the city’s revolving loan fund, hoping it would get the business back on its feet.
Up to $30,000 was available for businesses to apply for and Martin was hoping to receive the full amount.
Though when it came time for a decision to be made on Martin’s application, the loan committee — which oversaw and reviewed each application for completeness and to verify that the proposed project meets the minimum eligibility requirements of the fund — recommended to the Common Council that they deny hers.
COUNCIL ACTION
Out of the three businesses, Martin’s was the only one that got the denial recommendation.
However, when it went before the council at their May 2 meeting, the council was deadlocked with Jennifer Tallon (D-Ward 4) and Jeff Moore (D-Ward 6) voting no, and Councilors Julie Baughn (D-Ward 1) and David Monette (D-Ward 5) voting yes.
The council will vote on the request again at tonight’s meeting at 5:30 p.m. at City Hall.
Martin said she will be there to advocate to councilors in hopes they approve the loan for her business.
“Because I don’t know how much longer I can carry on like this.”
When asked why Martin’s loan application received a denial recommendation, City Community Development Director, Courtney Meisenheimer, said she would need to check with Legal Counsel to answer that question because it may breach the loan applicant’s confidentiality and instead highlighted the CDRLF Handbook regarding Loan Review.
The handbook lists reasons such as evaluating the applicant’s financial strength and ability to complete the proposed project utilizing the “Prudent Lending Practices framework.”
“Financial strength may be determined through financial underwriting procedures common in the commercial lending industry and/or a prequalification process similar to the one used to prequalify bidders on construction projects.”
Martin claims she was denied due to not having enough collateral. Though she says she was willing to put up $280,000 in collateral, which included her $130,000 camp on Chazy Lake.
“So for a $30,000 loan, I had $280,000 worth of collateral. So I don’t know how that’s not enough,” she said.
“So I’m willing to give everything for this business and I have. I was really saddened by the fact that they will give it to two people and not to the three.”
Email: cnewton@pressrepublican.com
Twitter: CarlySNewton
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