AP INVESTIGATION: Main Street's soaring sour loans (AP)

July 26th, 2009 | by |

Chris Sakelarios, left, talks with her business partner Eric Geedey at Caffe Sportivo in Redwood City, Calif., Monday, July 20, 2009. Sakelarios opened Caffe Sportivo after taking out a $20,000 SBA loan from Union Bank in late 2007 when the economic outlook was brighter on the affluent San Francisco Peninsula. Within a year, however, she was scraping by with the help of a landlord and vendors who let her adjust payments. (AP Photo/Marcio Jose Sanchez)AP – As the effects of the economic collapse began pouring down Main Street, the government last year was left holding a record $2.1 billion in write-offs of small business loans it had guaranteed. Officials expect the number of defaults to rise as the nation continues to climb out of the recession.

Source:AP INVESTIGATION: Main Street's soaring sour loans
(AP)

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