The PEDP, GLP, DC and Erasmo
Has anyone else been paying attention to the job that Dan McGowan has been doing with his coverage on the Providence Economic Development Partnership (PEDP) for GoLocalProv? It seems just about every other day, he has some other important piece to the whole puzzle and further explaining the fund and how it has been used through the last ten years or so.
He’s been chronicling the program and how the money has been used. Quick primer, think EDC. For the success rate, again, think EDC. It seems that loans given out by the PEDP have a failure rate of around 60%. Dan has shown how many of these loans go unpaid for years at a time, how the PEDP used taxpayer money for lunch, and simply written off a couple million dollars in default loans. Maybe Providence is so flush with cash, they can afford to just give away a couple million?
Then today, McGowan wrote about another little nugget that he dug up. He was able to find out about Erasmo Ramirez, the same one in the video that the Providence Journal displayed on Saturday. The same one that was seen offering to sell primary ballots to an undercover investigator. The same one that was previously a volunteer for David Cicilline’s campaign, was also someone who received PEDP money, while Cicilline was in office.
But less than 20 months after Cicilline took office, El Portal Family Restaurant, which listed Ramirez as its president in its corporate filing, received a $103,000 loan from the Providence Economic Development Partnership (PEDP), the controversial city loan fund which critics have called a “slush fund” for Cicilline.
Whether it is or it isn’t, this sort of thing just looks a whole lot like politicians doing favors for friends. The bright side of this one is the loan was actually paid off.
Poor finances, angry firemen and police and a very poorly managed loan program. (Well, wait. Can it be called a loan program when the majority of the money never comes back?)
The hits just keeps on coming. And yet, people still believe that Cicilline deserves his promotion to Congress. Wow.