Vélez-Málaga arranges loan to pay old debts

Vélez-Málaga Council has signed a loan agreement for €2.5 million with a local finance company in an effort to pay off some of its older debts to local companies.

The Council is in debt to the tune of €21 million, with some of its debts to small local firms dating back to 2007, a situation not helping such businesses, especially during an economic crisis.

The Council has been managing to pay off some of its obligations, including around €1 million to Social Security, and has reduced its overall indebtedness, although they still owe around €21 million.

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