Helena-area start-up lender writes off $680,000 in 3 years – Montana Business Assistance Connection

The Montana Business Assistance Connection http://www.mbac.biz/ is in the business of making loans, often to entrepreneurs and others who might struggle to get start-up financing from a bank.

It can be a risky business, and the nonprofit group’s loan portfolio, built on federal, state and local government money, reflects that risk.

In the past three years, MBAC, the lead economic development agency in the Helena area, has made 23 loans to businesses, totaling nearly $2.2 million. In the same period, nine loans have been written off as uncollectible, and another four are in "work-out" status where MBAC staffers are working to renegotiate terms and secure repayment. The write-offs total more than $680,000.

Full Story: http://helenair.com/news/local/helena-area-start-up-lender-writes-off-in-years/article_cc91f3f4-44c8-11e1-a7a2-0019bb2963f4.html