The Economic Development Authority in the state of West Virginia has received a thumb’s up in an audit that was recently conducted.
Liabilities decreased by approximately $25 million dollars over a time frame of 1 year. Much more money is available for businesses as they create brand new projects. An executive named David Warner states that many businesses are paying off loans at a quicker rate. Because more money is available, capital can be used to expand a variety of brand new projects. The Audit Manager named Joellen Lucas elaborates on the EDA is considered to be financially clean and received a top notch report.
The audit looked at a variety of financials from June 2011 to June 2012. Total net assets for the EDA increased by $3.5 million dollars as it reached $133 million dollars. Operating Revenues decreased by 4.56 percent as it was $10.2 million dollars. On the other hand, operating expenses increased to approximately 8.64 percent as it was $5.2 million dollars. $1 million dollars was left over in debts that are not collectible. The repayment of a $5.2 million loan was considered as a loss.
The Development Authority also approved a variety of other business loans such as:
- $3.7 million dollars to IMI Fabi as new equipment is bought for the Benwood facility. Nine jobs are expected to be created over a time frame of 3 years.
- Taylor Warehouse Services received a $2 million dollar loan to purchase Fourco Glass. Nearly 24 jobs will be created over a time frame of 3 years.
- $450,000 dollar loan was given to Preston Machine to purchase brand new equipment. 12 jobs are expected to be created over a time frame of 3 years.
- $910,000 dollars was given to Putnam Holding so that they can expand real estate. Nearly 20 jobs are expected to be created over the next 3 years.