Durham Could File Suit Against Small Business Loan Recipients
Posted January 11, 2002
DURHAM, N.C. — The Bull City may seek legal action against some of the businesses that took out loans through the city's small business loan program.
Out of the 24 loans taken out, five of the businesses cannot be located.
The city made more than $800,000 in low-interest loans. Last summer, it was discovered that most of the people had not paid back any of the money.
Mutual Community Savings Bank plans to head up the collection efforts.
The city could file suit against the five businesses within the next 30 days.