Wednesday, January 20, 2016

WDT: JCIDA to rein in defunct loans made to small businesses

     The JCIDA says its going to ask delinquent loan holders to pay what they owe.  WHATTTT ?  
      These microenterprise loans are the latest boutique loans offered by public agencies.  Coffee shops, gift shops, hobby businesses. Now we would like the media to print lists of those who pay on time as most of these loans perform, but the non payers need some public encouragement too.
Watertown Daily Times | JCIDA to rein in defunct loans made to small businesses


Anonymous said...

6 months, 12 months, multiple years? They have to consult an attorney before going to a collection agency? They did not cover that possibility when they struck the loan?

Better just call up the loanees and apologize to them Obama style and give them more $ and more time. Where does the IDA get its funds? If from taxpayers, I see a huge opportunity to cut some $ from the budget.

Anonymous said...

But stealing money is okay with them.

Anonymous said...

These were the businesses who received loans, before the newest JCDJLMNOP grant scams. With grants the businesses have more of a chance of knocking out local competition where people actually pay for their businesses, plus if by chance they do fail the IDAots have no accountability, as the money doesn't have to be paid back.

Anonymous said...

An old fashioned "dunning"?

I like it.

Anonymous said...

It's hilarious to me that the local media jumps all over this story of small businesses that should have never received investment in any way going into non surprising default. However, they seem to have no interest in learning about new downtown business startup that brings a service to the area that hasn't been here in 30+ years and was started by credentialed professionals who moved back to the area from a much better economic climate and decided to self fund a business.

I guess it's not sensational enough to sell their rag. Dead crows, and businesses without insurance on the other hand....

As far as the JCIDA goes, they're exactly what's wrong with economic development in the area. But if I was in the business of selling low interest loans high risk to undeserving businesses in second position to local banking groups I'm in bed with to artificially elevate job creation stats so the funds keep coming, I'd do it too. The "small businesses" that participate in these scams don't usually have a clue what they're in for.