The Star Of Romney's "I Built This Myself" Ad Took Huge Federal "Handouts"
New Hampshire's Union-Leader has the details.
In 1999, Gilchrist Metal received $800,000 in tax-exempt revenue bonds issued by the New Hampshire Business Finance Authority “to set up a second manufacturing plant and purchase equipment to produce high definition television broadcasting equipment,” according to a New Hampshire Union Leader report at the time. The federal government allocates to each state a certain amount of tax-exempt bonding capacity each year for business and housing loans. Because the bond buyers do not pay federal taxes on the interest, the interest rate for the borrower is typically lower than that of standard bank financing. Last year, Gilchrist Metal also received two U.S. Navy sub-contracts totaling about $83,000 and a smaller, $5,600 Coast Guard contract in 2008, according to a government web site that tracks spending. [snip] He also said his company received a U.S. Small Business Administration loan totaling “somewhere south of” $500,000 in the late 1980s. He said his business has also received matching funds from the New England Trade Adjustment Assistance Center (NETAAC), which is federally-funded.Oops.