BONHAM, TX -- The Bonham Chamber of Commerce is now going through a financial crisis. The organization is out of money and nearly out of credit.

Josh Stevenson tells us how the chamber plans to recover from its current economic troubles, and move forward.

Members of the Bonham Chamber of Commerce met over lunch Friday to hear a report from Chairman Jackie Bond. The news wasn't good.

"Well, we are broke, we have no money in our coffers, and we have used most of our line of credit," Bond said.

The trouble started in August of 2008, when The Bonham Economic Development Corporation opted out of an agreement with the Chamber of Commerce to perform marketing and economic development tasks for the city.

The loss of the contract cut more than $80,000 dollars from the Chamber's revenue. The losses have left the group looking for ways to bring in income.

"We are looking for member contributions, or more members, we are going to make it through this thing, we have just lost a lot of funding over the past couple of years," Bond said.

In December the City cut additional motel tax funds that went to the Chamber. Bonham Mayor Roy Floyd says while he feels that the Chamber of Commerce plays an important role, it shouldn't be the city's burden to keep it running.

"We don't want a chamber that we have to feed financially from taxpayer dollars, we do want a chamber that brings city businesses together, that is what a chamber is supposed to be," Floyd said.

The Chamber has reduced the salary of employees and eliminated some positions all together.

Despite the lack of cash, the Chamber is moving into a new location, provided to them rent free, and is working to rebound from the brink .

"We decided the best thing we can do is to get a new start in a new building, with some new ideas and promote Bonham as best we can," Bond said.