Sky Dragon loses financing

The Sky Dragon Centre downtown is struggling to survive after learning its mortgage won't be renewed.

The mortgage decision has compounded an already shaky financial existence at the centre -- a worker co-operative supporting nonprofit businesses and groups promoting environmental and economical sustainability, fair trade and social justice.

Centre director Kevin MacKay alerted supporters on the weekend that, despite never missing a payment, the Teachers Credit Union won't renew Sky Dragon's first mortgage of $187,000 on its downtown building at 27 King William St.

"We haven't been meeting our debt-to-income ratio, which was part of our deal," MacKay told The Spectator. The ratio is $1.25 in income for every $1 in debt, he said.