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Six companies went bankrupt after receiving state loans


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.