Active Economic Development Loan Listing Available Online
Jeane’ Holley, (216) 698-2544; firstname.lastname@example.org
Cuyahoga County, OH
– The Department of Development posted its list of active loans on the Cuyahoga County website
. The loans date back to 1999 and reflect a variety of different programs that have been utilized to spur economic development across the County.
The posting is as requested by the Inspector General and required by County Code. Each loan on this list is has been invoiced consistently since September of 2017, with the exception of those that have been referred to an outside collection agent. The list and current invoicing are but two examples of the significant progress that has been made to improve and perfect the historical problems of the County’s loan portfolio identified by the Inspector General.
“As has been well reported, we inherited a number of significant challenges with the economic development loans that the county made for more than 10 years; we didn’t even have an accurate list of our outstanding loans,”
said Cuyahoga County Executive Armond Budish. “Over the past few months, the county has made great progress, putting our loan portfolio into good shape. This is another example of us finding a problem and fixing it. We now are in position to put our active loans on our county website. We are committed to maintaining a strong, accurate portfolio and to growing our local businesses.”
During the past 3 months, several significant steps have been made to continue to improve management oversight and the condition of the portfolio:
- The department hired a loan portfolio manager, with the sole responsibility for the condition of the loan portfolio. The portfolio manager has improved borrower engagement and invoicing and collected tens of thousands of dollars in delinquent payments.
- A Deputy Chief Economic Development Officer who has experience in the portfolio management process was recently hired. The Deputy Chief will also be responsible for implementing a performance management system around the Loan process and management.
Updated Policies and Procedures:
- Two new manuals, a Loan Policy Manual and a Loan Procedures Manual have been created and are being implemented.
- The Segregation of loan portfolio management duties from loan origination.
- Ongoing Portfol (loan portfolio system of record) training for loan officers in order to maintain the integrity of loan data and records.