No one was tracking $69M in Wisconsin loans
MADISON, Wis. (AP) — Wisconsin'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 is 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 says 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 says the news is another black eye for an agency he says is in chaos.