$69M in state loans were not tracked

$9M past due or in default
$69M in state loans were not tracked

The state’s quasi-public economic development agency lost track of $69 million in loans to businesses because no one was in charge of keeping tabs of that money.

That’s what members of the board that oversees the agency were told Friday.

When the Wisconsin Economic Development Corp. was created last year, no one was put in charge of keeping track of the loans that had been issued by its predecessor agency the Commerce Department.

The new agency’s second-in-command Ryan Murray said they are still trying to find out how that happened.

Of the $69 million in loans, about $9 million are past due or in default.

Board member and Democratic state Rep. Peter Barca said the news is another black eye for an agency he said is in chaos.