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Montana Business Assistance Connection economic development authority faces $430K in write-offs
The local economic development authority is facing loan write-offs of up to $430,000 this year — about 7.5 percent of the $5.7 million the authority oversees.
Despite the losses, Montana Business Assistance Connection http://www.mbac.biz/ director Terry Myhre told a group of 100 people at the organization’s annual gathering Wednesday night that MBAC is forging ahead with plans to expand its marketing and business recruitment efforts.
“We win some, we lose some. We take some hits sometimes,” he said. “But our business is to invest in tommorrow. We’re the risk-takers.”
MBAC’s statement of activities for the first nine months of the year shows loan loss reserves of $429,972, or $375,000 beyond what was budgeted. Myhre said eight delinquent loans account for that total, the largest of which is for around $200,000.
By JOHN HARRINGTON Independent Record
Full Story: http://helenair.com/news/local/article_d6c9cafa-dfd9-11de-acfd-001cc4c002e0.html
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