Succession Loan

Succession Financing Loan

Keeping Wyoming businesses running is the goal of the Succession Loan Program. As it is set forth by W.S. 9-12-301 (a)(xii) the Succession Financing Loan is designed to help transition ownership of an existing Wyoming business. The Succession Loan in participation with a bank would provide financing for the purchase of a business that is at least 7 years old. The WBC portion of the loan would be used to fill the unsecured or “blue sky” portion of a purchase helping to enable Wyoming Businesses to continue in Wyoming.

Who is Eligible

New business owners that are purchasing a Wyoming Business that has been around for the last 7 years. Where the new owners are requesting debt financing from a Bank.

Loan Details

Maximum WBC participation is the lesser of $500,000 or 50% of the total loan amount.
Maximum repayment term not to exceed 10 years.

Fees & Rates

Minimum loan origination fee of 1%
Interest rate range: 4% up to Prime +2

Use of Funds

Purchase of a Wyoming business that has been around for the last 7 years

John Wendling

307-214-5864

[email protected]

Process

Start at the bank and let them know you are interested in the WBC Succession Loan
- If you don’t mention WBC Succession Financing Loan up front, they might just give you regular bank terms
Once the bank side is secure and sets the loan term
Submit the application including all items on the checklist
Loan must be approved by the WBC Board of Directors
Funds disbursed, participation documents signed, and the loan is closed
The bank services the loan so that the borrower only needs to make one monthly payment

Succession Loan

Succession Financing Loan

John Wendling

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