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Business Council agrees to $500,000 participation in 50/50 loan for Brits and Company
Summary
The board approved a 50/50 loan participation of $500,000 with Little Horn State Bank for BH Inc (doing business as Brits and Company) to finance a Trump tube laser CNC purchase; loan terms cited: $1 million total, 5 years, blended 6.6% rate, purchase price about $1.2 million.
The Wyoming Business Council approved staff’s recommendation to participate in a 50/50 loan with Little Horn State Bank for BH Inc, doing business as Brits and Company, to finance equipment used in the company’s operations.
Staff presented the loan details: the bank requested WBC participation of $500,000 on a $1 million loan to provide long‑term financing for a Trump tube laser CNC machine. The equipment purchase price was described as about $1.2 million. Staff said the loan terms will be for five years at a blended rate of 6.6 percent; the WBC portion bears a 5.25 percent rate while the bank’s portion is 7.95 percent. Little Horn State Bank provided underwriting materials and staff said the borrower currently employs about 50 people and is relocating operations to Sheridan, with plans to move all operations within two years.
Staff said the borrower supplied a down payment and met the program guidelines for the council’s 50/50 loan participation program; the council’s net available balance for the Challenge Loan Fund was quoted at about $13.9 million and staff recommended approval. The board moved, seconded and approved the participation by voice vote.
Staff noted that the borrower previously sold 70 percent equity to an Italian company (Technoplast) in October 2023 and that WBC’s participation is consistent with program guidelines and loan policy.
