Newspaper article THE JOURNAL RECORD

Board Recommends Merging Departments

Newspaper article THE JOURNAL RECORD

Board Recommends Merging Departments

Article excerpt

development advisory board, agreed Wednesday to recommend the consolidation of the credit analysis departments of several state lending agencies.

The group was set up to provide economic development recommendations to the Oklahoma Legislature.

Rep. Don McCorkell and Sen. Ted Fisher told the other members of Oklahoma Futures that they were co-authoring legislation to combine credit analyses done by the Oklahoma Industrial Finance Authority, the Oklahoma Development Finance Authority, the Oklahoma Capital Investment Board and the Capital Resources Division of the Oklahoma Department of Commerce.

Consolidation would simplify the application process for companies seeking loans from the agencies and could improve the quality of the credit analysis, McCorkell said. The proposal was supported by Stanley Provus, the state's bond adviser, who said consolidation would provide the economies of scale necessary for good credit analysis. That can't be done with two loan officers, he said, the agencies need a greater number of loan officers and a legal staff to assist them.

The legislation being drafted would merge the agencies' credit analysis departments into a single staff whose services would be sold by contract to the agencies. The agencies would remain autonomous.

Reiterating her plans from the Dec. 21 meeting of Oklahoma Futures, Interim President Dr. …

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