January 16, 2020


State Loan and Investment Board awards funding for two community projects

The State Loan and Investment Board (SLIB) approved a loan and a grant during its quarterly meeting held at 8 a.m. on Jan. 16 in the Emerson Building, 2001 Capitol Ave., in Cheyenne.

Board meeting materials are available for review here.

BUSINESS READY COMMUNITY (BRC) GRANT APPLICATIONS 

Business Council staff review each application, conduct site visits, or conference calls in the case of planning grants, and make presentations to a board subcommittee before making final recommendations to the full board.  

About the Program: The Wyoming Business Council administers the BRC grant and loan program, which provides financing for publicly owned infrastructure that serves the needs of businesses and promotes economic development within Wyoming communities.  

The Business Council board is required by statute to forward BRC grant and loan recommendations to the SLIB for final approval. The SLIB is comprised of the five statewide elected officials: the governor, secretary of state, state auditor, state treasurer and state superintendent of public instruction. 

The SLIB made final decisions on Jan. 16.

Business Committed

  • The Sheridan Economic and Educational Development Authority requests a $1,094,785 grant and $275,000 loan to allow for completion of Vacutech's expansion project. The manufacturer anticipates adding 51 jobs over the next five years.  (SLIB approved funding as a $1,369,785 loan.)

Community Readiness

  • The City of Rock Springs requests a $2,917,701 grant to rehabilitate the First Security Bank building to return it to productive use while retaining the city's heritage.  (SLIB approved funding as requested,  with an understanding that the Business Council will recapture 90% of the sale of the building up to the $2.9 million award or, if the building is leased, 50% of the net revenue from lease payments received.)

 

 

Community , Business

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