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|Kroll: Bookstore Will Fail, and Entrepreneurship Process Does, Too
|At least one Galesburg resident still feels a proposed book and collectibles store planned for downtown Galesburg will fail -- or, at least, was willing to say so publicly at a City Council meeting -- but apparently most aldermen don't see it that way.
With little discussion on their part, the Galesburg City Council Monday night voted 7-1, following tabling the proposal two weeks ago, to provide a $15,000 revolving loan to Ben "Stone" Stomberg, a radio D.J., who's planning on opening up "Stone Alley Books and Collectibles" in August, once he's able to get into the former Kohl's Diamond Gallery store in South Seminary Street.
Third Ward Alderman Russell Fleming said two weeks ago he thought the business would fail, but voted "yes" last night.
Galesburg resident and businessman Mike Kroll, however, said he thought the business could fail, and that the revolving loan process does, too. "It borders on irresponsible on the part of those people who are part of the process who are advising the person through the (start-up business) process, to not warn them of the potential pitfalls and high risks that they are facing as they go about trying to set up a business, in a circumstance that makes their success not just less than certain, but, many times, at great risk," Kroll said.
Kroll described Stomberg wanting to open the business as "a big mistake" and should do more homework.
Stomberg said after the meeting he didn't realize Kroll had read through so much of his business plan to make such assessments about him and the process.
|06 15 09 by Newsroom
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