MDC Small Business Loan Program: Really, what could go wrong?
Now comes a report that the Midland Development Corporation may be getting back into the business of operating the slushiest sort of slush fund. This is opposed to the general run-of-the-mill slush fund that they currently operate.
The MDC is considering re-starting a program that it discontinued a few years back of providing loans to small local businesses when it was determined that the MDC's taxpayer-funded resources were better utilized not bringing any large businesses to town.
Sucking roughly $4 million per year in taxes out of the local economy in pursuit of a few large scale rent-seekers hasn't panned out so well so the new idea is to make the system of taking hard-earned money and turning it into unearned money much more egalitarian.
The sole Lottery Winner recipient of funds from the earlier program was a local confectioner who was provided with what is called a "forgivable loan" by the High Priests of Economic Development. Everyone not in the business of "economic development" calls this a cash gift.
The MDC has been accumulating cash since the ED Sales tax was passed years ago making millions of dollars in taxes unavailable to those that paid them.
And, frankly, they have zero to show for it. And they know it.
Which brings pressure to do something with it. Like the creation of a fund of unknown size, to be administered by the as yet unknown, to be distributed based upon an unknown set of parameters. Because...because....because maybe this will work.
"I think the big questions in restarting it would be who is going to administer it, if we can get a bank to do that or someone who is qualified to analyze the credit worth of a small company," [MDC Board Member Doug] Henson said.
When you really don't plan on getting the money back anyway, isn't the whole idea of credit worthiness kind of non-operative?
Maybe I am being too harsh on the whole idea.
I mean, all it is is a quasi-governmental agency-based program of providing loans from a pool of funds to be administered by those who will feel political pressure to make loans but who are shielded from having to employ the usual standards of credit worthiness because the fund is backed by the taxpaying public.
What could possibly go wrong?
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What could go wrong ? Nothing ! Nothing indeed as our fearless leaders are judged by history and NOTHING untoward has EVER surfaced that there has EVER been ANY PROOF of kickbacks or quid pro quo, EVER, in ANY dealings and inventive legislation of our Council !
If anyone can PROVE , ANY , shenanigans by our elected leaders , let them put their name out there and their address and phone numbers and where their children go to school and what hours they work and the name of their Church and where they bank..and come forth with your so-called PROOF ! HA ! Cowards ALL !
Just because some people don't READ their water bill and pay that extra dollar does NOT mean that monies collected can be used for ANYTHING !
Those precious dollars are earmarked for use of the council ! The COUNCIL meaning the betterment of Midland !! After all , would you REALLY like to have someone sitting on the council who DOESN'T read their water bill ? Hmmmmmm?
Just because this money hasn't been used yet does not mean there is no plan ! It's just that if you were told , you'd probably blab it to someone else and it would get to another city who would counter our generous offer and..YOU"D SCREW EVERYTHING UP ! That's why we're not told !
These are the cold ,hard facts of life.
Oh by the way , I feel the real reason the downtown area is not fulfilling the investors dreams is the name "Downtown" is just too damn pedestrian. How's about "The Financial District" !