MN State Senator Sued by US Bank for $750k SBA Loan Default
January 22, 2014
By Bob Coleman
Editor, Coleman Report
National Camp Association was started in 2008 to help parents find camps for their kids. In 2009 the company received an SBA 7(a) loan from US Bank for $613,000.
The owners are Sean and Cynthia Nienow. Sean Nienow lost a reelection bid race for his Minnesota State Senate seat in 2008, but was elected in 2010.
His salary of $31,000 a year doesn’t go very far in making the $7,500 monthly payments.
US Bank says the senator defaulted four months after his November 2010 election.
The press is having a field day with this one.
Writes TwinCities.com …. State Sen. Sean Nienow’s official bio touts his “fiscal responsibility with the tax payers (sic) money” and “common sense money management,” but the feds claim he’s a deadbeat on a Small Business Administration loan.
A November 2011 “Business Update” released by his office summed up that year’s legislative session. In it, Nienow said Minnesota lawmakers should get “government out of the way and provide a favorable environment for businesses to succeed on their own merit.”
Nienow, 45, issued a statement on his Senate letterhead:
“I have not yet received a copy of the legal filing in question, but it is clearly not related at all to any of my Minnesota Legislative duties. As with all pending actions of this sort, discussion of any details cannot take place until it is fully resolved.”