MADISON, WI (WTAQ) - Leaders of the Wisconsin Economic Development Corporation say serious but fixable problems have been found.

Friday's memo to board members was an update on the ongoing effort to address problems which led to a failure to track $56 million in loans to state businesses.

Borrowers are behind on loans which are now worth a little over $12 million.

Though isolated problems were discovered, interim Secretary Reed Hall and his deputy say there is no evidence of any misconduct. 

Hall is the former executive director of the Marshfield Clinic. He has agreed to serve as interim chief executive officer until a permanent replacement for Paul Jadin can be found.