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Committee approves emergency bridge-loan program for small businesses after disasters
Summary
The committee voted to advance Senate File 195, a program creating short-term, 0% emergency bridge loans for small businesses in counties declared disaster areas, with loans capped at $750,000 per business and an initial appropriation of $25 million.
The Minerals, Business & Economic Development Committee voted to advance Senate File 195, a bill establishing a Small Business Emergency Bridge Loan Program designed to provide short-term, 0% interest loans to small businesses located in counties declared disaster areas.
Senator Beitman, who presented the bill with Vice President Salazar, said the idea grew from experience responding to wildfires and other disasters. "This program aims to provide short term bridge loans to small businesses affected by declared natural disasters," he said, describing loans as a way to keep businesses operating while they await federal or insurance assistance.
Key provisions as discussed and amended in committee: - Eligibility: businesses must be physically located in Wyoming in a county declared a disaster by the governor, must have been operational before the disaster and at least 50% owned by one or more individuals. A minimum credit score of 550 and collateral are required. - Loan terms and caps: loans are secured,…
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