How the Wyoming Partnership Challenge Loan Program can assist agricultural businesses

By Mike Martin, WBC Loan Program Mgr.

The Wyoming Partnership Challenge Loan Program is not designed only to help main street businesses.  There are a variety of agricultural businesses who have worked with their local lender to take advantage of the program. 

The loan program is designed to help growing Wyoming businesses by offering a lower, fixed interest rate on a portion of their bank loan purchased by the Wyoming Business Council (WBC).  Typically, the Council can purchase up to 35% of project cost to a maximum of $250,000 for growing businesses.

How can this help you?  Let’s see how it is helping 3 growing agricultural businesses across Wyoming: 

• Gluten Free Oats in Powell, a growing internet retailer of oats for people who have celiac disease, has been approved to have the WBC purchase $174,000 of their loan from First National Bank & Trust at a fixed rate of 5% for the first 5 years of the loan.  Receiving a lower interest rate will help the business lower operating costs and increase profitability.

• Brown Co. in Wheatland, an implement dealer, has been approved to have the WBC purchase $250,000 of their loan from First State Bank at a fixed rate of 5% for the first 5 years of the loan.  The lower interest rate will allow the business to grow their new location more rapidly.

• Rocky Mountain Agronomy in Riverton, a liquid fertilizer distributor, had $94,000 of their loan purchased from Wyoming National Bank in Riverton at a fixed rate of 5% for the first 5 years.  Receiving the lower rate has allowed the business to expand their product mix into the dry and liquid fertilizer business and accessory products.

To see how the Wyoming Partnership Challenge Loan Program can help you with your growing business, contact your local lender or contact Mike Martin at (307) 777-2845 or mike.martin@wybusiness.org.