Jacksonville Treasurer Ron Smiljanich gave an update on the city’s Revolving Loan Fund this week.
While everybody currently on the fund appears to be in good shape, Smiljanich also talked about some of the businesses over the years that haven’t worked out as well.
Martin’s Town and Country, which sold farm supplies among other things, received a $50,000 loan in 2005. The city treasurer told Jacksonville aldermen that there’s still $16,000 left to recover.
“The Martin’s bankruptcy occurred originally in 2008. Thanks to the city attorney’s approach to it, we were able to recover $16,000 over the years. There is a lot of work to do that. On the West Morton Street Bakery, I bring up the 2008 bankruptcy just to point out that this has been seven years ago. These things do unravel slowly. There is still stuff in the works to recover money from that too,” says Smiljanich.
Morton Street Café and Bakery closed in 2013 after getting a $100,000loan from the city. Smiljanich estimates the city is on the hook for $94,000, and says the city hasn’t recovered any of the funds yet.