Personal finances in a rocky state
By JOSH RESNEK
The mayor admitted on Bloomberg Radio’s Bay State Business Hour during a live interview last week that the city’s economy and bank account is a bit like his own.
“Not only am I concerned about the casino, I myself have rents due and employees to pay with nothing coming in,” he told interviewer Joe Shortsleeve.
“What’s the status of your four Honey Dew Donut locations?” Shortsleeve asked the mayor.
“I’m down to three locations,” he answered.
“Its slow. People aren’t out. A lot of our customers are staying home and are working from home,” he added.
“I’m hurting. Big rents to pay. Lots of overhead. Not lots of customers coming in. Doesn’t add up as a recipe for success. Very shortly, I won’t be able to stay in business.”
The mayor was asked if he had applied for an SBA loan.
“Yes,” he said. “I haven’t received any word yet but it should help, what, for eight weeks maybe. It’s very hard to maintain employees for coffee shops with no customers coming into them.”
Shortsleeve asked the mayor if and when things got back to normal whether or not he would still own three donut shops.
“That’s up in the air. Probably not,” the mayor said. “I’m too busy being a full time mayor,” he said.
“When life gives you lemons, you make lemonade out of them,” he said.
He revealed that Encore Boston Harbor hasn’t paid two quarters of its $30 million tab to the city.
“Without that money we have an inability to maintain services we have now,” he said.