Sign of the TimesPutting New Hampshire taxpayers on the hook for a private business is a fundamentally bad idea, especially since the loan is at the whim of elected officials rather than through an independant revolving loan fund. The implications of a newspaper existing because of the generosity of politicians is even more disturbing.
The council approved a state guarantee loan of up to $250,000 for the new publishers of the resurrected Claremont Eagle Times.
The loan is for working capital for Eagle Printing and Publishing, the company linked to the Pennsylvania media group that emerged as the suitor after its previous ownership sought bankruptcy protection four months ago.
The lenders will pay an interest rate of 5 percent for the first year and following that, the prime lending rate plus 1.25 percent.
For its part, the guarantee makes the state liable for up to 75 percent of any amount on which the group defaults.
Sunday, November 8, 2009
State backing loan for Claremont newspaper
Further down in Kevin Landrigan's Sunday column is a note on a the Executive Council backing a loan for the new owners of the Claremont Eagle Times.
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Please post the names of all who voted to back this loan. As a NH tax resident and business owner, I do not want my tax dollars going to bail out any company.
ReplyDeleteThe Council approved the loan unanimously.
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