This is a pool of money to help eligible businesses create or retain jobs in Lincoln and Uinta Counties. The funds are intended as a “bridge” created by shortfalls in commercial financing.
Total amount of loan is $100,000 with borrower contributing at least 10% equity. Maximum amount borrowed is up to 40% of the project cost.
Fixed or adjustable interest rates can be arranged. Paybacks are generally 3 to 5 years, although loans for capital assets are based on asset life. Collateral is in the form of a mortgage or lien on assets purchased. Borrower must agree to create or retain one job for each $7,500 of loan funds money used. Currently, the Wyoming Business Council is eligible to participate and match with the Revolving Loan Fund to total up to $250,000.