Board authorizes $843,000 in loan participations for Cheyenne and Sheridan businesses; directs CEO to lead opposition to “reckless” legislative defunding.
CHEYENNE, Wyo. – During a special virtual meeting held Thursday, Jan. 15, the Wyoming Business Council (WBC) Board of Directors took decisive action to support the state’s economy while sounding a sharp alarm regarding recent legislative efforts to defund and dismantle the agency.
Protecting Wyoming-Owned Businesses
The Board unanimously approved two loan participation requests totaling $843,000. These investments, made through programs established by the Wyoming Legislature, utilize state funds that are repaid with interest to be reinvested in future projects.
“In many cases, these essential deals simply would not happen without the support of the Wyoming Business Council. While banks love supporting their communities, there are times when the ‘blue sky’ portion of a transition or expansion is unattainable through traditional lending alone. This joint partnership allows us to bridge that gap, ensuring local businesses don’t just survive, but successfully move forward into their next chapter.” — Randi Downham, WBC Board Member and Community Bank President at ANB Bank in Laramie.
- Succession Loan – Cowboy Drifters (Casper): The Board approved a $500,000 participation in partnership with Jonah Bank of Cheyenne to facilitate the ownership transition of this premier fly-fishing guide service. The loan ensures the 20-year-old business remains Wyoming-owned and continues supporting local jobs and the tourism economy.
- 50/50 Loan – Wendtland Machine Works (Sheridan): The Board approved $343,000 in partnership with First Federal Bank & Trust of Sheridan to support the expansion of this high-precision CNC manufacturing startup. The funding allows the company to purchase real estate and scale production for national clients.
“These loans hit two sweet spots of our mission,” said Board Member Dr. Joe Schaffer. “These programs are moving the economic needle by recognizing our legacy industries (tourism) and pushing into diverse industries like advanced manufacturing, where we know we can be more competitive.”
A Unified Voice Against Dismantling
In addition to these investment decisions, the Board held an extensive discussion regarding the Joint Appropriations Committee’s (JAC) recent actions to remove the WBC’s statutory authority and defund its operations.
Board Co-Chairman Mark Law expressed deep opposition to the proposal, characterizing it as a move that would create government inefficiencies and hurt Wyoming families.
“The current legislative approach is to destroy an entity that’s making a positive difference and send the programs to other state entities that are not equipped to do this work,” Law stated. “In a small state like Wyoming, less does not become more; the risk is that less becomes zero.”
The Board unanimously directed CEO Josh Dorrell to issue a formal public statement on their behalf. The Board’s letter, released today, details the “reckless” nature of the JAC’s proposal and highlights the WBC’s role in securing more than 1,000 high-value jobs and $300 million in private investment since 2020.
“We are not trying to protect the Business Council as a corporate entity; we are trying to protect the work we are doing,” said Board Member Ryan Lance. “A haphazard approach to dismantling this agency comes with significant pitfalls, including the loss of federal funds and the creation of a fragmented bureaucracy.”
A Call to Action for Wyoming
The Board’s public letter invites the Legislature to join a transparent process to determine the proper role of government in the economy rather than pursuing a haphazard dismantling. CEO Josh Dorrell has been tasked with working directly with the Governor’s office and willing legislators to develop a path forward that ensures Wyoming’s economic momentum – including a rising non-resource GDP – is not lost.
“We understand the need for change, and we have been creating that change from within for years,” Dorrell said. “We will no longer be modest about our successes. We are ready to put gas in the engine, not watch it be taken apart.”
The full Board letter to the people of Wyoming can be read here.
Watch the recording of the special board meeting on the WBC’s YouTube channel.
