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Even as it bragged about beating President Obama in fundraising over the summer, Mitt Romney’s presidential campaign was so low on cash that it ended up engineering an unusual $20 million loan to meet expenses until the former Massachusetts governor was formally named as the Republican nominee in late August, officials disclosed Tuesday.
The loan from the Bank of Georgetown, first reported Tuesday night by National Review Online and confirmed by a senior campaign official, provides a telling glimpse into previously unknown money troubles within the Romney camp over the summer.
Romney has relied heavily on wealthy donors but has had persistent difficulty raising money among grassroots donors, who could have helped buoy his finances during the long summer before the Republican convention in Tampa.
The campaign has paid back $9 million of the loan so far, with $11 million remaining on the debt side of the ledger, said the senior campaign official, who was not authorized to publicly discuss the campaign’s finances.
Federal Election Commission reports to be filed Thursday will show a debt of $15 million, which was the amount outstanding on Aug. 31, according to the campaign. Romney, who loaned more than $40 million of his fortune to his 2008 bid, has not given his 2012 campaign any loans, officials said.
The loan from the Bank of Georgetown, first reported Tuesday night by National Review Online and confirmed by a senior campaign official, provides a telling glimpse into previously unknown money troubles within the Romney camp over the summer.
Romney has relied heavily on wealthy donors but has had persistent difficulty raising money among grassroots donors, who could have helped buoy his finances during the long summer before the Republican convention in Tampa.
The campaign has paid back $9 million of the loan so far, with $11 million remaining on the debt side of the ledger, said the senior campaign official, who was not authorized to publicly discuss the campaign’s finances.
Federal Election Commission reports to be filed Thursday will show a debt of $15 million, which was the amount outstanding on Aug. 31, according to the campaign. Romney, who loaned more than $40 million of his fortune to his 2008 bid, has not given his 2012 campaign any loans, officials said.