CHEYENNE, Wyo. (Wyoming News Now) – Around 2019, Muriah Kilmer and her husband Eric decided to buy the brewery where Muriah worked.
Likewise, last year Ryan Walton was looking to buy a building to hold his chiropractic business.
They looked into the loans because they lacked the funds to buy the business and the bank was limited in the amount it could lend them.
After taking the tour, they found the Wyoming Smart Capital Network; this company bridges the financial gap between small businesses and lenders.
We could not have purchased the business without the funds. They have been exponential in moving us forward.
The Wyoming Smart Capital Network has been around since 2013 and works with a network of 18 banks to help finance Wyoming small businesses.
They have supported over 120 small businesses and helped create around 700 new jobs.
It’s a great program that continually gives back. So once you’ve paid you can move on to the next business.
Due to the 2020 financial crisis, the Department of Commerce’s Economic Development Administration and the Cares Act Recovery Assistance program provided Wyoming with a $ 5.1 million Rural Development Fund grant, which will be administered by Wyoming. Smart Capital Network.
It’s really inspiring to see that there are organizations out there trying to support small businesses.
These revolving loan funds help small businesses bounce back from the economic impact suffered in 2020. By buying up to 25% subordinated to the lending bank, they help provide better access to capital.
This new revolving fund will be available for small businesses starting July 1.
Companies with a relationship with a Wyoming commercial banker can apply. Wyoming Smart Capital Network can also introduce businesses to their 18 lenders across Wyoming to jumpstart and thrive the state’s economy.
We want to be there for businesses that want to start or have a plan to grow… We want to be a resource for people across the state to meet their business needs and goals.
For more information on the Rural Revolving Loan, see Wyoming Smart Capital Network
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