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Aurora ACDC approves $10,005.95 write-off for former Bookworm Main Street loan
Summary
The Aurora Capital Development Corporation voted to forgive the remaining $10,005.95 balance on an SBA-backed loan to the Bookworm business after staff said there were no remaining assets and pursuing collection was not commercially feasible.
The Aurora Capital Development Corporation voted to write off the remaining $10,005.95 balance on a Small Business Administration–backed loan to the Bookworm business, saying the company no longer operates on Main Street and has no recoverable assets.
ACDC staff recommended the write-off during the meeting, explaining that the SBA originally issued a larger loan to the business and that inventory (books) has been liquidated. “We’re recommending that the the the balance of the loan, which is $10,005.95 and 8¢, be written off by the Aurora…
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