Questions Matt Dolan Must Answer About Shady “Cheap Loan” Bankrolling His Political Campaign
August 23, 2023
New report shows Matt Dolan is using sweetheart scheme to bankroll his Senate campaign
Multimillionaire Matt Dolan owes Ohioans answers about how he secured a “cheap loan” with a “staggeringly low” interest rate to funnel money to his U.S. Senate campaign. Dolan secured a “very, very low” 0.832% interest rate on a loan valued up to $25 million, raising questions about what Dolan promised to secure a deal too good to be true.
As Dolan’s sweetheart scheme is exposed, here are three questions the multimillionaire must answer:
- Will you release the full terms of your loan for Ohioans to see? Ohioans – who face far steeper rates when borrowing money for home mortgages, personal and business loans – deserve to know the total amount of your practically interest-free loan.
- Will you quantify your personal, business, and family’s business investments with Morgan Stanley and explain the process of how you gained access to a loan that would not be available to any hardworking Ohioan?
- What did you promise Morgan Stanley to get this sweetheart deal?
Watch more from Spectrum News:
- Curtis Jackson, Spectrum: “Current State Senator and U.S. Senate candidate Matt Dolan is funding his Senate campaign in a very unusual way…”
- Laura Hancock, Cleveland.com: “He took out a loan somewhere between $5 and $25 million at a very, very low interest rate – less than 1%, 0.83% – because he was taking out a line of credit against his investments. You have to remember that Matt Dolan is a very wealthy person. He’s associated with the family that owns the Cleveland Guardians, so he was able to take out this loan because he’s got so many investments that he could take out this loan – and this is much lower than a normal consumer loan or a mortgage that regular, more middle class people would have to pay in interest.”
- Jackson: “How does Dolan’s loan compare to what the rest of us sort of experience?”
- Hancock: “…A normal person going through a bank for a loan would be paying quite a bit more in the interest than what State Senator Dolan paid.”