Anonymous lender saves Salt Lake station from default

An unexpected intervention from an anonymous lender has saved Salt Lake City’s KCPW-FM from defaulting on a loan, ensuring that it will continue operating for the foreseeable future. Leaders of the news station learned Oct. 25 [2011] that they could borrow up to $250,000 from the anonymous lender, enough to enable them to repay a loan from National Cooperative Bank due Oct. 31. The anonymous lender will give KCPW six months to repay, says Ed Sweeney, KCPW’s g.m.

The breakthrough came after a roller-coaster month for KCPW.