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Committee approves emergency bridge-loan program for small businesses after disasters
Summary
Senate File 195 passed the committee as amended to create a short-term, zero-interest bridge loan program for small businesses in declared disaster areas, funded initially at $25 million and administered by the Office of State Lands and Investments.
The Minerals, Business & Economic Development Committee advanced Senate File 195, sending the bill to general file after amendments. The legislation would create a Small Business Emergency Bridge Loan Program that provides short-term, zero-interest secured loans to eligible Wyoming small businesses located in counties subject to a gubernatorial disaster declaration.
Senator Curt (presented as Senator Beitman in testimony) described the bill’s purpose and genesis based on wildfire experience: “This program does that, by providing these 0 interest short term loans to, to allow them to quickly be approved through their local banks and, get the funds they need to continue their operations and to begin rebuilding immediately instead of waiting around for 6, 7, 12, 14, 16 months …” He told the committee the program began as an…
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