Platte County Economic Development
Corporation Board of Directors
Loan Program Providing Temporary Relief
For Business Affected by COVID-19 in Platte County Wyoming
Information required: A written explanation of what/how the business is being affected by COVID-19 and or the recommended guidance by the President and Governor that is affecting your business
Supporting Documentation should include a current balance sheet and the prior year’s federal tax return.
Eligibility requirements: Must have been in business in Platte County for a minimum of 1 year.
Must be a current member of PCED or join PCED ($100 annual dues) in conjunction with the loan proceeds.
Loan particulars: No application fee – Just the $100/PCED membership dues if the loan is granted
Maximum loan size is $5,000.00
Repayment term is a single payment of principal and accrued interest due 1 year from the note date.
Interest rate will be fixed at Wall Street Journal Prime Rate (WSJ) +0.50% (presently 3.25% + 0.50% = 3.75% calculated using the 360/365 method.
Example loan $5,000.00 granted on 3/20/2020 at a fixed rate of 3.75% and all due on 3/20/2021 would result in a repayment of $5,000.00 in original principal plus $190.10 in accrued interest. The payoff on 3/20/2021 is $5,190.10.
The loan may be repaid/prepaid in part or in whole at any time prior to the 1-year maturity. Interest will be accrued only on the outstanding principal for the days outstanding.
Extensions, deferrals, and or other loan servicing actions will be considered on a case by case basis.
Contact – Merlin Hitt at the PCED office – 307.322.4232