CHARLESTON, W.Va. (AP) — A West Virginia company didn’t preserve satisfactory data of a mortgage program supposed to spice up the state’s economic system, based on a brand new report.
The West Virginia Put up Audit Division famous the failures of the Financial Improvement Authority’s $25 million Non-Recourse Mortgage Program in a report launched Tuesday, The Parkersburg News and Sentinel reported.
“It’s the Legislative Auditor’s opinion that the Mortgage Program didn’t obtain the supposed outcomes and what was achieved is troublesome to quantify,” the report stated.
The Financial Improvement Authority borrowed $25 million and used the cash to fund seven enterprise capital companies that have been supposed to speculate funds within the state and create jobs.
Greater than $24 million was invested in seven companies from 2002 to 2016. Auditors discovered that two by no means invested in West Virginia and 4 have entered into receivership.
The State Treasurer’s Workplace tried to shut out the mortgage in 2019, however discovered lacking and incomplete data, which led to the audit.
Auditors stated within the report that satisfactory data of the mortgage program weren’t saved, so it wasn’t clear what number of jobs or companies have been created. It additionally stated $674,222 has been repaid on the precept mortgage, leaving greater than $24 million excellent.