Lake Worth Gun Shop and Shooting Range Gets $500K Stimulus Loan
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| Flickr user: kevitivity |
| Your stimulus dollars at work. |
According to data compiled by the nonprofit journalism website ProPublica, the Palm Beach Shooting Center in Lake Worth received a $550,000 loan backed by the Small Business Administration using stimulus funds.
The loan, which was awarded in February 2010, was made possible through a program designed to keep mom-and-pop operations afloat during the recession. Since 2009, federal stimulus funding has helped the government back billions of dollars in loans to small businesses that would not otherwise be able to get credit in the private marketplace.
In South Florida, the Small Business Administration has used stimulus funds to guarantee loans to doctor's offices, bakeries, and private schools. Companies obtain the loans from banks, but the government insures a portion of each loan against default -- sometimes guaranteeing up to 90 percent of the loan.
The Palm Beach Shooting Center is a licensed gun dealer, selling handguns, rifles, and ammunition, according to its website. Patrons can also shoot targets, receive shooting instruction, and take a class on carrying a concealed weapon.
The Pulp called the center this morning to ask how the owner used his $550,000 loan, but he was not available. We'll update when/if he responds.
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