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Welch loaned his campaign half-a-million dollars

Welch loaned his campaign half-a-million dollars

For those wondering whether Republican Steven Welch would shell out the dough for his own Congressional campaign, the answer has emerged.

Welch, a wealthy businessman running in the 6th District, made a loan of $500,000 to his campaign last quarter, according to new campaign finance data. Meanwhile, he raised just over $59,000. And while he has about $511,000 in cash on hand, the half-a-million-dollar loan remains debt on the books. Whether he actually expects repayment of that money remains an open question. For more info on loans and credit, click here for installment lenders.

The numbers, which emerged in his October quarterly campaign finance report, shed new light on the campaign’s announcement last week that it has half-a-million on hand. It also makes clear that Welch is willing to spend the kind of money that Democrat Doug Pike is shelling out. Pike has already given his campaign a little more than half-a-million dollars.

Welch faces Chester County Recorder of Deeds Ryan Costello and state Representative Curt Schroder in next year’s GOP primary.

October 13, 2009 at 1:41 pm

--Dan Hirschhorn

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comments [9] | post a comment

  1. karlub

    Oct 13th, 2009

    So Schroder outraised him, then.

    What great news for Curt Schroder’s campaign.

  2. […] Welch loaned his campaign half-a-million dollars… […]

  3. Tania Gail

    Oct 13th, 2009

    Welch made this loan last quarter? Was he running in the 7th at that point? This switching between districts can be quite confusing to the average voter.

  4. for the record

    Oct 13th, 2009

    Pike’s wasn’t a loan.

  5. Dan Hirschhorn

    Oct 13th, 2009

    Hey Tania,

    To answer your question, campaign finance data indicates that Welch made two loans to his campaign committee. The first $250,000 was loaned on July 2, when he was still running in the 7th District. The next $250,000 was loaned on Sept. 25, after he had made the switch to the 6th.

    You can see the reporting for his loans if you scroll all the way to the bottom of this page:

    Hope that helps.

    Dan Hirschhorn

  6. zoom zoom rosie

    Oct 14th, 2009

    Just what we DON’T NEED…..another person who likes to spend money on himself.

  7. Brian Kline

    Oct 14th, 2009

    Stories about candidates loaning their campaigns $500K tend to undermine claims of grassroots support. We are still reminded that Doug Pike loaned his campaign $500K and it does him no favors.

  8. Well?

    Oct 14th, 2009

    Dan didn’t you report Pike’s wasn’t a loan?

  9. Dan Hirschhorn

    Oct 14th, 2009

    Hey Well,

    I did indeed. I suppose I could have been more clear though. Pike’s was a direct contribution.

    Naturally, many loans end up being contributions anyway (see Clinton, Hillary).

    Thanks everyone. Let’s keep the conversation going.

    Dan Hirschhorn

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