Colorado

Oct 13, 2010 8:46 AM by Associated Press

Hickenlooper: tap PERA for business loans

Democratic gubernatorial candidate John Hickenlooper says the state could tap part of the $33 billion state retirement fund for loans to small businesses.

Hickenlooper told workers at a prescription data center on Tuesday the state should use its assets for loans.

He says the state could raise $100 million from investors and securitize about $50 million from the Public Employees Retirement Association to provide loans.

During a debate sponsored by The Pueblo Chieftain, American Constitution Party candidate Tom Tancredo said the state should cut funding for PERA.

Tancredo and GOP candidate Dan Maes said they don't believe Hickenlooper's plan will work because of PERA's unfunded liabilities.

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