Government Agency Recalls Infotech Loan: The Small...
From Times Staff and Wire Reports
Government Agency Recalls Infotech Loan: The Small Business Administration recalled a $12.3-million loan to a wholly owned subsidiary of Infotechnology Inc. The loan was issued to Questech Capital Corp. and payments were due at various maturing dates up to February, 1997. Infotech said it was advised by SBA that it was in violation of SBA regulations regarding capital tests and had failed to file various forms with the agency. Infotech, which is a controlling shareholder in both United Press International and Financial News Network, has been in financial trouble since October when the company disclosed that auditors would not endorse the company’s financial statements.
