POSTED: Friday, November 30, 2012 --- 4:35 p.m.

MADISON, Wis. (AP) -- Serious but fixable problems have been uncovered in Wisconsin's 17-month old quasi-public economic development agency that lost track of $56 million in loans to businesses.

That is what leaders of the Wisconsin Economic Development Corp. say to board members in a memo released Friday.

The memo is a status update on the agency's efforts to address problems that led to losing track of the loans.

While no evidence of any misconduct has been uncovered, interim WEDC Secretary Reed Hall and deputy secretary Ryan Murray say in the memo that they did find isolated problems related to internal documentation and reporting processes.

Murray says there were a number of what he called "disjointed" efforts to address the tracking of the loans, but the issue wasn't pushed.

Copyright 2012: Associated Press