Press Room ::

FOR RELEASE:
June 11, 2009

For More information contact:
Kim Sears, Marketing and Public Relations
Wyoming Business Council
Office: 307.777.2834
Email: kim.sears@wybusiness.org
Twitter: http://twitter.com/WyoBizCouncil

Business Council seeks comment on changes to lending program

CHEYENNE – The Wyoming Business Council is seeking public comment on proposed changes to the Wyoming Partnership Challenge Loan program amended earlier this year by the Wyoming State Legislature.

Legislation increased lending limits for the Challenge Loan program, which allows the state, through the Wyoming Business Council, to participate with lenders and local economic development organizations in providing loans for the benefit of expanding businesses. The legislation also brought the Wyoming Main Street loan program under the Challenge Loan program to provide additional funds for business owners to make façade and structural renovations to Main Street buildings.

The amended rules raise Challenge Loan limits for business owners who are working with local lenders to expand their operation and grow jobs. Limits for bridge financing loans were increased from $250,000 to $500,000; and loans secured with a federal guarantee by a lead lender were increased from $500,000 to $1 million.

“The legislation essentially made it possible for us to keep up with inflation and maintain the lending levels we have previously been able to provide,” said Mike Martin, Business Finance Program manager at the Business Council. “We’re also pleased we will be able to help the Wyoming Main Street program expand assistance to Main Street building owners who want to make a positive difference in their downtowns.”

Written comments must be received by Martin no later than 5 p.m. on July 2. Comments may be sent to Mike Martin, 214 W. 15th St., Cheyenne, Wyo., 82002.

The proposed rules may be downloaded at www.wyomingbusiness.org.

The mission of the Wyoming Business Council is to facilitate the economic growth of Wyoming. For more information, please visit www.wyomingbusiness.org.

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