FOR IMMEDIATE RELEASE:
June 7, 2005
For more information contact:

Tom Lacock, Public Relations and Marketing
Wyoming Business Council
Office: 307.777.2834

Business and Industry, Portfolio/Loan Program Manager
Wyoming Business Council
Office: 307.777.2863

Wyoming Partnership Challenge program is amended

CHEYENNE – The state of Wyoming will soon be able to increase loan participations with commercial lenders to assist local businesses, thanks to the Wyoming Partnership Challenge Loan Program.

The 2005 Wyoming Legislature enacted a bill that amends the program, which will allow the state of Wyoming to partner with commercial lenders on loans that have a federal guarantee. These loans must be guaranteed by the Small Business Administration or Rural Development Business and Industry. The state and the local lender will share proportionately as in the “bridge loan” program.

The Wyoming Business Council will be applying to the SBA for approval as an SBA 750 lender. The state must have this approval in order to participate in SBA guaranteed loans.
Portfolio/Loan Program Manager Ben Avery said he was told by the Casper office of the SBA that this agreement, if approved by the SBA, would make Wyoming the only public entity in the country to be an SBA 750 lender.

Banks are required to head up the loan process, but the state can then buy into the note up to 50% or $500,000, whichever is less.

The advantage to businesses is that the state can offer lower interest rates than commercial lenders alone.

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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