House committee advances small-business emergency bridge loan program to speed post-disaster recovery

The Committee of the Whole reported Senate File 195 do pass after lawmakers approved standing committee amendments that broadened eligibility from agricultural producers to all Wyoming businesses affected by a declared natural disaster and placed the appropriation in a state investment account.

Senate File 195 would create a Small Business Emergency Bridge Loan Program in the Office of State Lands and Investments (OSLI) that becomes available when the governor declares a natural disaster in an affected area. The program is designed to get short-term capital into the hands of Wyoming businesses to avoid operational disruption during recovery, using voluntary donations to a dedicated fund to offset some borrower costs.

Under the bill’s terms discussed on the floor, a qualifying business must have been operating in Wyoming at the time of the disaster and be at least 50% owned by the applicant; lenders will vet applications for creditworthiness and collateral. Loans may be secured with insurance proceeds or other business assets; the maximum loan amount is $750,000 per business, and repayment must occur…