The Daily Globe - Serving Gogebic, Iron and Ontonagon Counties

City attempts to recoup money from failed loan


IRONWOOD — The city of Ironwood is seeking to recoup some of the money it stands to lose in a $60,000 loan that was approved in 2010 for a new business that never got of the ground.

The city commission agreed Monday to try to sell equipment it has received from the ill-fated loan to Entree and Companions, a start-up company that was associated with Old World Meats.

Entree and Companions, a catering and food business, went out of business after repaying only about $1,000 on the $60,000 loan obtained through the city’s revolving loan fund, city officials said.

The equipment that was purch...

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