With the country in the grip of a history-making financial crisis, banks that haven't failed are in a lending lockdown.

Caught in the credit crunch two major downtown Springfield developments.

Late last week Heer's building owner Kevin McGowan announced plans to build high end lofts in the former department store have been scrapped.

McGowan is now in talks with a commercial tenant that he says could bring hundreds of jobs to center city.

Eric Olson, Springfield Business Journal says, "That's his goal, that's his vision, there's a lot of hurdles to get over until he gets to that point."

The biggest hurdle appears to be financing. With banks asking developers for 25 to 30 percent cash equity to get a loan.

"That's just not something the developer is willing to do or able to do in many cases," said Olson.

The other big Springfield project now in limbo due to lack of financing, the new hotel and convention center in Jordan Valley Park.

John Q Hammons just got permission from the city to push back the build date until 2010.

Hammons also temporarily shelved a new resort and golf club near the Branson Airport and company officials say it could be just the start of a construction slowdown.

Eric Olson says, "They've got 4 or 5 years of development projects in their pipeline he expects several of those to also be slowed."

Even with congress passing the 700 billion dollar financial rescue plan it might be awhile before financing becomes available.

Developers told the Springfield Business Journal they doubted the package would immediately push their projects forward.