91ÊÓƵ

The Portland city auditor’s office recently conducted a review of the ’s economic development loan program.

The audit found that the program’s goal to loan funds to a diverse range of businesses is not being met; 55 percent of the $74.4 million in loans given in the past five fiscal years went to only five entities.

Additionally, each of the five entities received more than 5 percent of the $74.4 million, requiring the PDC to submit quarterly updates of those loans. But the audit found no update reports had been produced in two years.

Although the auditor’s office said changes need to be made to the program, the report commended the PDC for making a number of improvements in the past three years, including tightening loan standards, linking the program to the city’s economic development strategy and improving loan tracking and servicing.

This is the second audit report released this year on the PDC. The auditor’s office released a review of the PDC’s licensing program in mid-February, which recommended changes to the organization’s business licensing codes and employee guidelines.

The audit can be seen