Funds Available for Small Businesses Impacted BY COVID

A revolving loan fund has been established for small businesses in Wyoming to help provide gap financing for those economically impacted by the coronavirus.

The Wyoming Smart Capital Network (WSCN) will be administering the Rural Development Fund with $4 million in grant money from the US Department of Commerce, Economic Development Administration’s CARES Act Recovery Assistance Program.

According to a release, EDA’s investment will be matched with $1 million from the WSCN, and is expected to create 200 jobs, retain 50 jobs, and generate $60 million in private investment.

Funds can be used for working capital, equipment purchases and land or building acquisition. Construction and renovation of owner-occupied buildings under $10,000 are also allowable.

WSCN encourages commercial lenders across Wyoming to contact WSCN to learn more about how to take advantage of this RLF opportunity.

Small business borrowers are encouraged to contact their commercial lender to learn if the WSCN program would fit into their financing needs.

The Rural Development Fund is a non-profit organization formed in cooperation with the Wyoming Smart Capital Network (www.wyomingsmartcapital.org) to provide capital for small businesses and create jobs.

For more information, contact Kendall Hutchinson, Wyoming Smart Capital Network at (307) 315-8832, or by email at khutchinson@dcnteam.com, or online at https://www.wyosmartcapital.org/