Aug 21, 2015

stevanovicigor Hundred dollar bills behind curld page Murex Investments has voluntarily handed over its remaining assets to the Small Business Administration after both parties determined it would be unable to repay its SBA loan. The SBA loaned Murex $8.25 million and $3.4 million remain unpaid. Murex entered capital impairment several months ago when Advanced Workstations in Education declared bankruptcy. Joel Stelker , a managing partner at Murex, said AWE "was growing too aggressively" and Murex had invested too much of its fund in the startup to recover. Comcast picks second city for low-income internet program; it's not Philly Murex and the SBA determined the latter's return on investment would not be enough to cover the firm's expenses, and a court filing is the last step of the process. As the SBA assumes control of Murex's remaining assets, Stelker said his company's debt will be cleared and Murex will not resist the move. "The SBA, as a matter of policy, takes over funds when we can’t demonstrate our ability to pay them back," Stelker said. "That's the SBA’s policy, they’re going to manage the fund. They can’t say we want our money tomorrow, so they take over as the receiver. They step into our shoes and manage all the assets and maximize on their return. " Murex, founded in 2003, has only two companies remaining in its portfolio, which Stelker declined to disclose pending their notification of the filing. In 2009, it helped launch a Philadelphia-based virtual incubator GoodCompany Ventures that still operates today. Get Philadelphia Newsletters and Alerts Morning Edition >> Afternoon Edition >> Breaking News Thank you for signing up To serve you better, please select your industry and job title Industry