The State Loan and Investment Board has awarded nearly $1.4 million in supplemental funds to finance a 40,000-square-foot addition to Vacutech.
The request for the additional funds, to be loaned at 2.5 percent interest with a payoff of 20 years, was approved during the state board’s meeting Thursday.
The request was from the Sheridan Economic and Education Development Authority – also known as SEEDA – and SEEDA Administrator Robert Briggs said SLIB’s action was exciting. Briggs, who attended the SLIB meeting in Cheyenne, said the project can now move forward, and construction on the addition could begin this spring.
In an interview earlier this week, Briggs said Vacutech has continued to see strong growth in sales and the number of employees.
The supplemental funds come from the state’s Business Ready Community Program. Briggs said SEEDA originally sought a grant, but the Wyoming Business Council recommended the funds be awarded as a loan.