On Air Now

Current Show

Making Financial Sense   8:00 AM - 9:00 AM

Contact Meryl Kelch at 866 355-5100

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 550 AM Wausau, WI 99.9 FM Stevens Point, WI

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
65° Feels Like: 65°
Wind: WNW 14 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Partly Cloudy 70°

Tonight

Heavy Thunderstorms 52°

Tomorrow

AM Showers 61°

Alerts

Six companies went bankrupt after receiving state loans

by

UNDATED (WSAU)  Six companies that never repaid job creation loans from Wisconsin taxpayers are now bankrupt. The Milwaukee Journal Sentinel said the firms owed almost a half-million dollars. And they’re among the 67 loans that were not tracked for over a year by state economic development officials. Those loans total over $12-million dollars – and at last word, the businesses that received the tax assistance were $2.5-million behind in their payments.

Most of the loans were made by the former Commerce Department, the state agency that was replaced in the summer of 2011 by the public-private Wisconsin Economic Development Corporation.

Ryan Murray, the agency’s chief operating officer, said some of the loans from the bankrupt firms were supposed to be written off years ago – but the word never got to the agency’s central offices. The Journal Sentinel says there’s a chance that millions-of-dollars loaned by taxpayers to create new jobs will never be repaid. Flambeau River Bio-fuels, one of the firms which are behind on their payments, is not expected to pay back around $2-million it owes. 

Comments