MN GOP State Senator Sued for Defaulting on Small Business Administration Loan
Minnesota Republican State Senator Sean R. Nienow calls himself a small-government fiscal conservative, yet for some reason he’s reportedly in default on a six-figure loan from the Small Business Administration: Sen. Sean Nienow, R-Cambridge, Wife Sued in $613,000 Federal Loan Default.
The Nienows borrowed the money for their company, the National Camp Association, Inc., described in news accounts as an organization that helps parents select a camp. The association, which is listed on the Minnesota secretary of state’s website at the Nienows’ home address in Cambridge, also was sued.
The suit alleges that on Jan. 16, 2009, the SBA provided the loan to the association and it was personally guaranteed by the Nienows. A copy of the signed guarantee is attached to the suit.
“The defendants ceased making payments on or about July 28, 2010, and the Note has not been repaid,” the suit said. “Defendants have defaulted under the terms and conditions of the Note by failing to repay said Note.”
Although demand for payment was made, the Nienows did not comply, the suit said, and they owe an unpaid principal balance of $558,076.53 and administrative costs of $189,861.09 for a total of $747,937.62.
Sen. Nienow, 46, did not respond Friday to phone calls, a text message or e-mail.
An organization that helps parents select a camp. What could be more wholesome and family-friendly?