Business loan program likely dead
NORTH PORT — A nearly $30,000 loan defaulted on by a small business startup will likely be the first, and the last, loan the city hands out, after city commissioners leaned toward doing away with the program during a workshop this week.
While no vote was taken, a majority consensus among commissioners Wednesday found the program to be a risky proposition for taxpayers, especially after Danielle Santoro — whose proposed GreenBidNet, an Internet-based subscription company for contractors and engineers that would alert them to government bids available nationwide — defaulted on her loan in 2012 and the city had to buy back the guarantee from Calusa National Bank.