The Salt Lake City Council has approved a $250,000 loan for KCPW, which will allow the public radio station to pay its debts and remain on the air, reports the Salt Lake Tribune.
The company which owns the station, Wasatch Public Media, must pay $250,000 by the end of October, but the poor economy has cut into KCPW’s expected revenue from pledge drives.
The council’s loan terms include the provision that it will forgive the 5 percent interest in exchange for free advertising; the station will air short spots promoting city events.
“It would be a travesty if you guys went away. I have full confidence that you can pay back our loan,” one councilmember said to KCPW execs.
General manager Ed Sweeney says he’ll hold another pledge drive to cover the loan.