Economic Disaster Loan

Disaster Loan

This Economic Disaster Loan program was designed to help Wyoming businesses that have experienced loss of revenues due to an economic disaster. This program was set forth by W.S. 9-12-301 (a)(v) helping Wyoming businesses to recover from significant lost revenues due to a disaster.

Who is Eligible

If Federal disaster funds are not available, and
The WBC board adopted an economic disaster designation
Businesses that incured lost revenue due to the disaster may apply

Loan Details

Maximum WBC loan amount of $500,000
Proof of credit worthiness for the borrower
We take a first lien on the next year’s crop
Maximum repayment term not to exceed 10 years

Fees & Rates

Minimum loan origination fee of $100
Interest rate: 4% fixed

Use of Funds

Used to cover losses incurred due to the economic disaster that can be spread over a few years. Does NOT include any future losses.

John Wendling

307-214-5864

[email protected]

Economic Disaster Designation Process

Identify the economic cause of revenue loss
If Federal Funding is available and sufficient the economic disaster loan isn’t available
Determine the scope of the revenue loss with breakdowns by commodity, business, and total impact
If losses are more than $1M for 4 or fewer counties or more than $4M for more than 4 counties the economic disaster loan may be an option
Submit a written request to WBC for an official economic disaster designation

Loan Process

An “Economic Disaster” designation adopted by the WBC board of directors and the business is not eligible for or disaster funding is not available from the federal level
Gather and review all information covered in the application checklist including the scope of the loss
Submit the application including all items on the checklist
Loan must be approved by the WBC Board of Directors
Funds disbursed, agreements signed, and the loan is closed

Economic Disaster Loan

Disaster Loan

John Wendling

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