Small Businesses Hanging on By a Thread.

Small businesses in Lower Manhattan are getting slaughtered. Last year there were 320 businesses in the downtown district that closed and 240 were in the financial district. But despite hard times on Wall Street, many small businesses in the financial district are finding ways to adapt. Some are setting up new websites for take-out while others are finding better prices for their customers.

“During these times it’s not fair to let me customers down,” said Mouhamad Shami, owner of Alfanoose’s Middle Eastern Cuisine, located on Maiden Street in New York City’s financial district

Shami runs around his restaurant frantically every day. One second he serves his Middle Eastern food behind the counter, the next second he package orders he receives from his restaurants website which he installed in September.

Times are tough for 54-year-old Shami, a husband and father of two boys and one girl. Still, he is doing whatever he can to make ends meet and stay loyal to his cliental.

Shami use to make a good living but is now getting killed, as income is down about 50 percent. Factors such as the recession and reconstruction projects blocking foot traffic have contributed to the decline in revenue. But the mom and pop business that are staying open are doing so because they are catering to loyal customers they consider family.

Shami, who was born in Lebanon, moved and opened Alfanoose in 2004. So far, Shami said the website has helped revenue about 10 percent.

In a few months, Shami will be serving middle-eastern breakfast consisting of meat pies and chick pea dishes, something his long time customers have requested.
Meanwhile, Shami also started putting advertisements for his restaurant on Yelp, a search engine for restaurants.

Most importantly, Shami maintains his loyal customers by treating them like family.
“Many of my customers keep coming back because they know my kids, we becomes part of their family and they become part of ours,” said Shami.
Phil Yeni, who is 29-years old, works as a financial investor in midtown, said he comes to Alfanoose for the family feel.

“I moved here from Lebanon, so to me this place hits home,” said Yeni.
Currently, small businesses in the financial district are moving over for big time corporate chains.

To help matters, The Lower Manhattan Development Corporation two years ago installed a federal loan program to aid small businesses downtown. In the last four months, Community Board 1 has successfully pushed for almost $2 million of the $5 million dollars promised to be allocated. Last week, Shami finally got his share of the fund, and paid off his landlord.

All around Maiden Street, small businesses are honing in on their loyal cliental.

At Chameleon Comics and Cards, 45-year old Jimmy Wu is also altering. Wu actively is on eBay each day trying to find his customers the cheapest prices on specialized sports memorabilia. “I have to give customers what they want so they keep coming back,” said Wu.

But can small businesses, like Alfanoose, still survive?

“Yes, because he (Shami) has done some good analysis,” said Alan Siege, who teaches a class at New York University called “Starting your own small business. “ Not everyone can do what Alfanoose does because most people don’t know how to solve their needs. When things get tough you have to really adjust and distinguish yourself,” said Siege.

However, Ro Sheffe, chairmen of district board one, believes many small businesses in the financial district will have to close up shop, mainly because not enough money can be guaranteed by the LMDC.
“Simply put, these guys are hanging on by their fingernails,” said Sheffe.

But the LMDC is doing the best they can.

“Two weeks ago we included funds to more than 200 blocks of small businesses that have been hurt,” said John Delibero, media liaison at LMDC.

If business does not continue to improve by the end of the year, Shami will either move to a smaller location or share his large space with another business.
Yet, Shami still believes. “As long as you see a light at the end of the tunnel you can still hope,” said Shami.