Ticket #1038 (new task)

Opened 6 years ago

Could a limitation on payday loans cut back on business?

Reported by: AnalisaEubanks5 Owned by: eskil
Priority: major Milestone: Version 1.0
Component: Gas Consumption Version: 0.9.8
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Cc: Fixed in Version: 0.9.827


SIOUX FALLS - One local company owner asserts his bottom line will be hurt by a suggestion to place a cap on payday loans.

A group gathering signatures desires to put that question to voters on the vote of next year.

The request has Dollar Loan Center's CEO taking precautions.

KSFY News discussed with all the man Chuck Brennan, behind Dollar Loan Center.

His latest venture, Gold Badlands Pawn & Jewelry now is under construction in Sioux Falls. He said his strategies to enlarge Dollar  Loan Center in the state are on hold for the time being.

There are big plans for this particular Sioux Fflls construction site on Russell Street across from the Denny Sanford PREMIER Center.

Dollar Loan Center CEO Chuck Brennan said "we are going to employ 140 people here, 100 full time people, and 40 part time. It is likely to be the funnest job Sioux Falls has had. It's 56,00 square feet of guns gold and rock and roll, who desires more than that."

For the state, however a proposed petition to cap those loans, could damage business for Brennan, maybe it's more of his Dollar Loan Center stores.

"I have to begin doing what I can, to endure as long as we can, if he's planning to set us out of business. I have needed to cancel my marketing. I had to cancel our non-profit giving. I canceled Chuck's Kegger, I canceled 5 million dollars in new buildings in the state of South Dakota," Brennan said.

Brennan's Badlands Pawn, Jewelry & Gold is just not one of them.

"I 've zero concerns relating to this project moving forward. I'm an incredibly wealthy man, and That I've assembled plenty of riches on a lot of projects that are different. Dollar Loan Center is one business, and that gets shut down when shutdown is got by dollar loan centre in South Dakota. It is definitely going to be far worse on my employees, and all my customers than it is on me," Brennan said.

Construction for more of his Dollar Loan Centres could be back on course, while Brennan builds on his success.

"The second we've got a clean bill of health, that the industry is safe, and we are able to keep doing what we are doing, I'm constructing new buildings, we're back to sponsoring, we're back to not-for-profit giving everything, everything's back on course, but right now, I am in cautionary shutdown mode," Brennan said.

Brennan also brought the rock and roll to last year's RibFest?.

This year, he was really going to go it alone but with a hazard to payday loans looming, Brennan says the show will not go on.

"That entire event is about the kids. Its about the community. Its about bringing 6,000 rooms to the community. We did 40,000-50,000 individuals, last year, over those four days, and it is a big deal, but we don't make any money on that. It's a charity deal that is complete. All of the money went to charity, and honestly to set all of the effort , and all of the danger, and all the expense, when somebody is trying to place you out of business, it just doesn't make sense ," Brennan said.

The group South Dakotans for responsible giving strategies to gather signatures to place a limit on interest rates for  Weebly in the control of voters. It expects to place a measure on the ballot.

Brennan believes that choice must be left up to the customer as well as the marketplace.

"In case the business wasn't wanted, and if the product wasn't needed, they wouldn't use it, so we'd go out of business," Brennan said.

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