FOR IMMEDIATE RELEASE

Contact: Kendall Hutchinson, Wyoming Smart Capital Network, 307-315-8832, or khutchinson@dcnteam.com, https://www.wyosmartcapital.org

May 21, 2021

Small Business Access to Capital Opportunity -
$5 million EDA Revolving Loan Fund for Wyoming

CASPER, WY -- The Rural Development Fund, administered by the Wyoming Smart Capital Network (WSCN) announced today that it has received a $4 million grant from the U.S. Department of Commerce, Economic Development Administration (EDA) CARES Act Recovery Assistance program. These funds will establish a revolving loan fund (RLF) for small businesses across Wyoming and will provide critical gap financing to those businesses economically impacted by the coronavirus pandemic.

"We are incredibly pleased to announce these new funds for Wyoming small businesses. The RLF will support both new and existing businesses, bring new jobs to our communities and retain existing ones. Our close relationship with WSCN will expand our service territory to all parts of Wyoming," said Kathy Lenz, Chairwoman of the Rural Development Fund, and Treasurer for the City of Sundance.

EDA's investment will be matched with $1 million from the WSCN, and is expected to create 200 jobs, retain 50 jobs, and generate $60 million in private investment. Janine Jordan, Chairwoman of WSCN and City Manager of Laramie said, "We are so pleased to support the Wyoming small business community with a program that works closely with our community banks. This adds a much-needed tool for financing in this uncertain environment."

"For some businesses, loans can be difficult to get due to certain lending requirements. By working with community banks, we are able to bridge the gap in requirements for small businesses, by purchasing up to 25% of the loan amount and subordinating our interest to the bank. This makes the loan doable by increasing a business's lending capability," said Mark Huston, Enterprise Manager, WSCN. Funds can be used for working capital, equipment purchases and land or building acquisition. Construction and renovation of owner-occupied buildings under $10,000 are also allowable.

WSCN encourages commercial lenders across Wyoming to contact WSCN to learn more about how to take advantage of this RLF opportunity. Small business borrowers are encouraged to contact their commercial lender to learn if the WSCN program would fit into their financing needs.

The Rural Development Fund is a non-profit organization formed in cooperation with the Wyoming Smart Capital Network (www.wyosmartcapital.org) to provide capital for small businesses and create jobs. Development Capital Networks, LLC (www.dcnteam.com) is a firm dedicated to building innovation economies that manages the WSCN as well as development funds in other states.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau's flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.

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