Wyoming Applies for SBCI Funds

The Wyoming Business Council (WBC) recently submitted the initial application to the federal Treasury for the State Small Business Credit Initiative (SSBCI) on behalf of the state of Wyoming. This federal program was originally developed in 2010 and ran from 2011 through 2017. It was renewed with the American Rescue Plan Act (ARPA) of 2021. Wyoming’s current allocation is just over $58 million which can be distributed to Wyoming businesses throughout the nine-year program.

According to the Business Council, the intent of the program is to disperse allocated funds through various financial partners to Wyoming businesses that have had challenges getting funding through current debt and equity options. Some of these financial partners may include banks, credit unions, Community Development Financial Institutions (CDFIs), Venture Capital (VC) funds, or similar partners. This funding will not be dispersed in the form of grants, rather it will be in the form of debt and equity assistance. WBC will submit the final SSBCI application in February and provide more program details once Wyoming has an approved application.