1st State Bank of Funny Money
Dear Jeffco legislators:
I hear that there is a bill afoot (sponsored by Ray Scott and Kathleen Conti) for the upcoming session that would establish a state-operated bank to dispense scarce state financial reserves to less-than-creditworthy borrowers.
Could the money therefrom be used to bailout the likes of the recently closed Five Points restaurant?
What sort of interest rate would this bank have to charge to cover an estimated 15 percent default rate as is current in Denver’s current program?
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