Disaster Loans Available Statewide
Governor Mark Gordon announced that Wyoming small businesses are now eligible to apply for up to $2 million per company in federal economic disaster loans through the U.S. Small Business Administration (SBA). The announcement applies to businesses in all 23 counties.
The U.S. Small Business Administration is now offering low-interest federal disaster loans for working capital to all Wyoming small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
SBA Administrator Jovita Carranza announced that the SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act which was recently signed by President Donald Trump, to declare a disaster following a request received from Gov. Mark Gordon on March 17, 2020.
“I thank the SBA for giving final approval to make Wyoming businesses eligible to apply for these funds. I also thank our Congressional delegation for working to make this happen,” Governor Gordon said.
The low-interest loans provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. The loan amount will be based on actual economic injury and financial needs, so small business owners are encouraged to gather items such as financial statements, tax returns, and revenue projections to prepare for a loan request.
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Administrator Carranza. “These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.”
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the COVID-19. The interest rate is 3.75 percent for small businesses and 2.75 percent for private non-profit organizations. SBA offers loans with long-term repayments in order to keep payments affordable — up to a maximum of 30 years — and are available to entities without the financial ability to offset the adverse impact without hardship.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020. Wyoming SBA Director Amy Lea said applicants may apply for loans online at https://disasterloan.sba.gov/ela.
Help is Available at No Cost
“Wyoming runs on small business, and we know how challenging these times can be. COVID-19 has placed many of us in uncharted territory, but the SBA remains committed to helping small businesses navigate this situation as it progresses,” said Amy Lea, SBA Wyoming District Director. “We’re also incredibly fortunate to have our partners at the Wyoming Small Business Development Center (SBDC) Network. Their team of regional directors – located across the state – are the go-to resource when it comes to personalized small business assistance.”
Local advisors with the Wyoming Small Business Development Center (SBDC) Network are available to help Wyoming entrepreneurs navigate this process and apply for the SBA’s Economic Injury Disaster Loans. To get started with no-cost, confidential assistance, enter your email and county in the form below.
“The Wyoming SBDC Network is set up to easily work virtually with affected businesses,” said Jill Kline, Wyoming SBDC Network State Director. “We are already strategizing with businesses to develop individualized plans to help navigate this unprecedented experience. Our expert staff can assist with SBA’s application process and is committed to assisting Wyoming’s entrepreneurs through this challenge.”
“The close collaboration of Wyoming’s small business assistance organizations, along with the leadership of the business community allowed our state to react quickly to a rapidly-evolving situation,” said Ron Gullberg, Strategic Partnerships Director, Wyoming Business Council. “We will continue to do everything we can to aid Wyoming small businesses in this challenging time.”
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
For more information about COVID-19 and resources available to Wyoming entrepreneurs, click here.