Supporters of Jackson County’s revolving loan program describe the financial give-outs as a tool in the county’s economic toolbelt, a boost to deserving businesses that can’t receive critical, even lifesaving, financial help through banks.
But five defaults since 1993 when the loans started, out of a total of nine loans, raises serious questions about the program. ...
Jackson has flat-out lost $525,000 since starting the program because of businesses folding. Another $420,000 is on the line, with the exact losses depending how much the county can recoup from selling off collateral. ...Read the full article