Title
a. Approve and authorize the Auditor-Controller to write off a $83,972.48 Small Business Revolving Loan Fund loan fund to Emmanuel C. Marchica doing business as (dba) Diesel Fitness, Inc. as bad debt;
b. Approve and authorize the Auditor-Controller to write off a $72,303.44 Small Business Revolving Loan Fund loan fund to Ernest and Candace Samudio, dba as Italica as bad debt; and
c. Approve and authorize the Auditor-Controller to write off a $45,178.30 Small Business Revolving Loan Fund loan fund to Alex Ortiz dba Zitro Elevator Company, Inc. as bad debt.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize the Auditor-Controller to write off a $83,972.48 Small Business Revolving Loan Fund loan fund to Emmanuel C. Marchica doing business as (dba) Diesel Fitness, Inc. as bad debt;
b. Approve and authorize the Auditor-Controller to write off a $72,303.44 Small Business Revolving Loan Fund loan fund to Ernest and Candace Samudio, dba as Italica as bad debt; and
c. Approve and authorize the Auditor-Controller to write off a $45,178.30 Small Business Revolving Loan Fund loan fund to Alex Ortiz dba Zitro Elevator Company, Inc. as bad debt.
SUMMARY:
The County established a Small Business Revolving Loan Fund (SBRLF) in 1990 to assist businesses that could not qualify for conventional financing and support private sector job creation and retention. As with any loan portfolio, a certain percentage will ultimately be uncollectable and need to be charged off as bad debt. The action before the Board is to authorize the Auditor-Controller to write off write off three loans as bad debt. The three loans that are being considered for write-off at this time represent $201,454.22 in outstanding principal. All three loans have been discharged by the U.S. Bankruptcy Court and should be removed from the County’s balance sheet.
DISCUSSION:
The County, through various Program Administrators, has operated the SBRLF since 1990. ...
Click here for full text