This story is part of our Quick Hits series. This series will bring you breaking news and short updates from throughout the state.
A loan program set up to help businesses recover from natural disasters has received no applications in the sixth months since its inception.
The Small Business Emergency Bridge Loan Program was born as a result of last year’s massive wildfires in the state’s northeast corner. After declaring an emergency, Gov. Mark Gordon requested that the Legislature set funds aside for businesses like farmers and ranchers so that they could apply to make repairs. Gordon pushed for the program to be a grant, but lawmakers eventually crafted a zero-interest loan.
Fires from last year saw a statewide mobilization to fight “unprecedented” blazes, particularly in ranchland. One estimate suggested some 2,000 miles of fencing was destroyed. Despite this damage, the State Loans and Investment Board (SLIB) said no one has applied for such relief during a meeting on Oct. 2. However, an unnamed credit union from Lander has applied to help evaluate and underwrite applications submitted to the loan program.
The program authorizes borrowing up to $25 million from the Legislative Stabilization Reserve Account. Businesses can receive up to $750,000 for a three-year, 0% interest loan. Recipients are on the hook for a 1% origination fee.
After hearing reports and a brief discussion, the board voted to extend current emergency rules for the program without change.
Any businesses impacted by and established before last year's fires can still apply for the loan by visiting the Office of State Lands and Investments’ website. Gordon added that he declared this year’s Red Canyon Fire near Thermopolis an emergency, meaning businesses affected by that fire are eligible to apply for two years.
This reporting was made possible by a grant from the Corporation For Public Broadcasting, supporting state government coverage in the state. Wyoming Public Media and Jackson Hole Community Radio are partnering to cover state issues both on air and online.
