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Significant Improvement on Economic Loan Portfolio

10/12/2018


Media contact: Miranda Pomiecko: (216) 698-2546; mpomiecko@cuyahogacounty.us


Cuyahoga County Department of Development Releases Update, Cites Improvements to Processes, Controls and Payments

CUYAHOGA COUNTY – Chief Economic Development Officer, Ted Carter released a report regarding the Department of Development’s loan portfolio today. Since the spring of 2016, the Department of Development has done significant work to correct, cure and improve the performance of the management of its economic development loan portfolio.

The report describes a series of corrective actions that the department has undertaken following initial reports by the Inspector General.

The actions outlined in the report describe the department’s efforts to collect and maximize the repayment of monies owed to the county from its borrowers and clients. Repayments year to date in 2018 have exceeded $2,000,000.

“I am pleased with the strength of this report and by the significant progress the department has made to address past issues with the loan portfolio,” said Ted Carter. “We still have work to do but we have made structural and procedural changes to the department so that I am confident we are positioned for continued improvement and success.”