Economic Development Administration

State’s Return On $25 Million Venture Capital Investment Unclear, Audit Says

A report released today from the West Virginia legislative auditor found a loan program to venture capital firms for generating economic development in the state fell short of its goals, and state auditors struggled to determine what impact the program did have due to a lack of record-keeping.“In summary, it is the legislative auditor’s opinion that the loan program did not achieve the intended outcomes and what was achieved is difficult to quantify,” the report found.