Business Ready Communities Program
The State of Wyoming recognized the need to develop infrastructure to support new and expanding businesses in communities across the state. As a result, the legislature created (and funded) the Business Ready Communities program, which is administered by the Wyoming Business Council. Grants and loans are available to government entities specifically to assist with infrastructure development, i.e. purchase of land, purchase and/or construction of buildings.
The Revolving (Micro) Loan Fund
In addition to the Business Ready Community program, Platte County Economic Development has a Revolving Loan Fund (microloan) that is available to local business that: provide employment, manufacture a product, add value to a product, provide services to areas outside of Platte County, tourist related businesses who bring new dollars into the county. Businesses that have the potential to expand their operations and create new jobs through the use of the funds.
Proceeds of microloans maybe used for working capital, inventory, supplies, furniture, fixtures, machinery, and/or equipment. In no case shall the proceeds be used for down payment or purchase of real estate. Loans amounts range from $500-$25,000. The board of directors has the authority to increase the loan amount and adjust the terms on an individual basis. Interest rate is 4% to 6%.
While Platte County Economic Development Corporation will consider requests from
any Platte County resident, we particularly welcome applications from Wheatland resident basic businesses. Basic businesses are defined as those businesses that: provide employment, manufacture a product, add value to a product, provide services to areas outside of Platte County, tourist related businesses who bring new dollars into the county and include retainage of businesses. Businesses that have the potential to expand their operations and create new jobs through the use of the funds.
The Challenge Loan Program
The purpose of the PCED Challenge Loan program is to build or expand capital
facilities and /or create infrastructure. Loans will originate from a financial institution that will participate in the credit at a minimum of 30%. They will also service and collect the loan. Maximum loan amount participation from PCED is $100,000.
PCED will charge an interest rate of 1% under prime, fixed for the term of the loan
and established at the date of loan approval. A minimum rate of 4% will be
charged, regardless of the level of prime. If the lead bank offers a variable rate the
interest rate will be set at time of closing. PCED will pay ~% servicing fee to lead bank for administration purposes (i.e.prime 5.75%, PCED participation 4.75% less~% to lead bank for administering the loan). Job creation and /or retention will be a factor in approval.