City of Columbia Backed Loans In Default

So, let's see if I can get this right. Risky companies get turned down for loans then come to the City of Columbia...who loans them money. 19% are in default. Maybe there's a reason that they couldn't get loans in the first place.

Not creditworthy enough for private banks to fund your risky business venture? No problem, the City of Columbia has all this extra taxpayer money just laying around!