Albany writes off $542,000 in unpaid loans - WALB.com, South Georgia News, Weather, Sports

Albany writes off $542,000 in unpaid loans

Albany - The city of Albany is losing more than a half-million dollars, forced to write off unpaid loans. Each year, the city loans thousands of dollars to small and minority owned businesses and disadvantaged people looking to build homes. Tuesday, city commissioners received a list of about 40 people who either went bankrupt, died, or disappeared without paying back the loan. The city will write off the $542,115.

"We do the loans you can't fund 100% in the traditional funding markets, said Richard Wooten, Community Development Director. "So, our default rates will be higher. The main thing we have to do is get counseling for them when they start to have problems paying those loans back."

Commissioners said changes must be made to the city loan policies to stop unreliable people from borrowing money. The Community Development Director said clients are given loan counseling and payment options before legal action is taken.

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Law enforcement raises "dough" for Special Olympics

    Law enforcement raises "dough" for Special Olympics

    Friday, April 28 2017 2:01 PM EDT2017-04-28 18:01:01 GMT
    Law enforcement officers were raising money for a good cause (Source:WALB)Law enforcement officers were raising money for a good cause (Source:WALB)

    On Friday, April 28, 2017, officers and deputies swarmed all corners of Dawson Road and North Slappey Boulevard, but it wasn’t for an emergency. Instead, officers and deputies were raising money for a special cause.

    More >>

    On Friday, April 28, 2017, officers and deputies swarmed all corners of Dawson Road and North Slappey Boulevard, but it wasn’t for an emergency. Instead, officers and deputies were raising money for a special cause.

    More >>
  • Dougherty County's storm debris removal deadline approaches

    Dougherty County's storm debris removal deadline approaches

    Friday, April 28 2017 1:08 PM EDT2017-04-28 17:08:48 GMT
    Dougherty Co. residents need to have their storm debris in front of their homes by Monday, May 1, 2017 (Source:WALB)Dougherty Co. residents need to have their storm debris in front of their homes by Monday, May 1, 2017 (Source:WALB)

    If you’re a Dougherty County resident with storm debris still in your yard, you may want to pick it up this weekend. County residents are asked to have their storm debris in front of their homes by Monday, May 1, 2017.

    More >>

    If you’re a Dougherty County resident with storm debris still in your yard, you may want to pick it up this weekend. County residents are asked to have their storm debris in front of their homes by Monday, May 1, 2017.

    More >>
  • Man arrested for mugging, dragging Americus lady

    Man arrested for mugging, dragging Americus lady

    Friday, April 28 2017 1:00 PM EDT2017-04-28 17:00:22 GMT
    Alton Montel Dodson (Source: APD)Alton Montel Dodson (Source: APD)

    Americus Police say a man snatched the purse of 66 year old Cynthia Yates Holloway, and dragged her across the parking lot with a car. 

    More >>

    Americus Police say a man snatched the purse of 66 year old Cynthia Yates Holloway, and dragged her across the parking lot with a car. 

    More >>
Powered by Frankly