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A group of Vineland businessmen bought the 17-acre property for $1.8 million last year with an Urban Enterprise Zone loan guarantee.
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Despite the infusions of cash, by 2008 the businessmen had closed their store, abandoned plans for a spa and defaulted on their Empowerment Zone loans.
The clean-up of Spain's banks using euro-zone loans is proceeding.
The problem of Spain's banks would be dealt with by euro-zone loans already approved earlier this year.
Gavin Hewitt (@BBCGavinHewitt) Further signs of stress in euro-zone: loans to private companies contracted for 12th month in row.
An agreement to give Spain up to €100 billion ($127 billion) of euro-zone loans to recapitalise its banks did not stop the slide for long.
Greece has been given more time to reach its budget targets, and the terms of euro-zone loans have been softened.
For Portugal, the ruling endangers the promise of an extension of maturities on its euro-zone loans and reduces the chances of graduating from its bail-out programme on time next year.
And once the idea takes hold that a euro member can be pushed out, nobody knows where it will stop.Contagion from Greece has clearly spread to Spain, which this week was promised up to €100 billion ($125 billion) in euro-zone loans to prop up its crippled banks.
The President, for instance, has proposed turning the region into something called the Gulf Opportunity Zone, with loan guarantees for small businesses, incentives for companies that create jobs, etc.
Muhammad Yunus, a Bangladeshi banker and Nobel Peace Prize winner whom many experts regard as the founder of microfinance, has said that interest rates should be 10% to 15% above the cost of raising money, with anything beyond that range amounting to a "red zone" of loan sharking.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com