FOR IMMEDIATE RELEASE:
March 25, 2005
For more information contact:

Rachel Girt, WBC
Phone: 307.777.2851; Cel: 307.631.4681

WBC Board designates Goshen County as an economic disaster

CASPER – The Wyoming Business Council’s Board of Directors designated Goshen County as an economic disaster area during a meeting in Casper on March 24.

The owner of Mountain State Commodities, a bean warehouse business located in Torrington, illegally converted proceeds from the sale of beans causing economic loss to businesses in Goshen County.

The 2005 Legislature passed an amendment to the definition of “economic disaster” reducing the qualifying threshold of loss to businesses in four or less counties from $1.5 million to $1 million. Gov. Dave Freudenthal signed the change into law on March 15. Under the Challenge Loan Program, a business or group of businesses can apply to the Business Council for an economic disaster declaration.

With the approval of the declaration, individual businesses within Goshen County may apply for direct loans from the Wyoming Business Council in the amount of their actual dollar loss. Information about the loan process will be available in April.

The Wyoming Department of Agriculture and the Goshen County Attorney conducted an audit of the amount and value of beans sold with proceeds not paid to the growers. The lost revenues using amount and prices recommended by the Goshen County Attorney is $1,228,601.

This is the second declaration by the Business Council. The first approved declaration was driven by the AgriBio Tech bankruptcy that led to the “Seed Grower Emergency Loans” in the Big Horn Basin. Under this declaration, 78 total loans were made.

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

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