NORTH PORT — The first — and only — small-business loan guaranteed by the city has defaulted, and the City Commission will be asked this month to comply with the terms of the guarantee and pay back $29,815.16 in principal.
The recommendation is being made by the city’s Loan Administration Committee regarding a 100 percent loan guarantee to Calusa National Bank of $35,000 for Danielle Santoro of Sable Trace Drive. The committee voted 3-0 Thursday to make the recommendation to the commission. Committee member Bill Werdell, Calusa’s assistant vice president and community lending officer, recused himself from the vote.
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