Bloem sued over business loan

Fri., Nov. 11, 2011

An Idaho bank has filed a civil lawsuit against the mayor of Coeur d’Alene for failing to repay a $75,000 business loan by the July 30 deadline.

Mayor Sandi Bloem told the Coeur d’Alene Press that the parties were trying to reconstruct the federal small business loan agreement before the deadline but failed to do so.

Attorneys for Panhandle State Bank filed the breach of guarantee claim Monday seeking more than $80,000, plus attorneys’ fees for a loan made for Johannes Jewelers Inc. in June 2005.

Bloem said the refinancing is taking longer than expected, she believed an agreement could be reached and she had been unaware the lawsuit had been filed.

Bloem said the jewelry store, which the Coeur d’Alene Press reported she owns, is not in financial trouble.

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