January 15, 2011

Micro-loan Changes

In light of Sutner story last Sunday the City Manager announces changes to the Micro-loan program.   Mainly the billing/servicing etc is being switched over to the Treasurer who will actually bill people and enforce the terms of the loan if someone falls behind.   Kudos to the City Mgr and Shaun Sutner. 

As I was quoted in the story:

“This is a great move by the city manager to give control of the money to a department that has the proper cash management expertise and systems in place,” said Mr. Randell, a past president of the Chandler Street Business Association.

“Why stop there? ‘Micro-loans’ are only a small portion of the $4 million to $5 million in federal housing and community development grants and loans the city distributes each year. Let’s get that checkbook online.”


Jahn said...

The scariest part of all this is:

a. in the past nothing happens when loan pymnt is missed, never mind multiple pymnts missed w/zero aCCOUNTABLITY/followup

B. tHE CITY DEPT responsible for these loans has never really been named???????

c. there is no centralized accounting/responsiblity for city receipts.

d. no heads have rolled????

e. CM Obrien bobs & weaves around the half ton elephant in the room a.k.a. the half Million $$$$$ "deferred" "MICRO" loan to the MLK NonPayment Center...no mention of it in the article.

If I find out that 44 Front St handles these micro loans, I am going to have a macro increase in my BP

Anonymous said...

Maybe Jahn and I should apply for a Micro Loan to sell pajamas in D$? Evidently they are the latest fashion craze...


Harry T