Henry Daily Herald

The City of McDonough is set to help businessmen and women seeking to work with precious metals and gems, to achieve that goal.

The municipality is now accepting license applications to operate a business as a pawnbroker and/or dealer in those items. The deadline for such applications is March 12.

McDonough Media Relations Specialist Casey Case said the pawnbroker opportunity became available in the city, as a result of figures from the 2010 U.S. Census.

“With the population being larger after the census, we can have more pawnbroker licenses issued than [were issued] prior to the census,” said Case. “But, there is only one current license available.”

McDonough recorded 22,084 city residents, in the recent census. That figure is up 160 percent from 2000, when 8,493 residents were recorded in McDonough, according to the U.S. Census Bureau.

Case said the city will conduct a lottery, to determine who will receive the pawnbroker license, if more than one business applies. The new license will be issued to the eligible applicant, who is in position number one on the lottery–generated list.

In November of 2011, the Associated Press reported that a growing number of people are pawning jewelry, electronics and other items, in order to survive in a struggling national economy.

“Consumer advocates say the development is concerning because the interest rates on loans from pawn shops can be as high as 20 percent a month,” the Associated Press reported. “Pawn shop operators say they provide a critical lifeline to a group with few other options.

“A common misconception is that pawn shops simply buy the various knickknacks that customers bring in,” the news service continued. “But the more lucrative aspect of the industry is issuing loans against those belongings. Customers often prefer borrowing, over selling as well, because it lets them hold onto what may be their only tickets to cash in the future.”

For more information, call McDonough City Hall at (770) 957-3915.

The Associated Press contributed to this article.