Gov. Mark Gordon said Wyoming businesses can now apply for up to $2 million each in low-interest economic assistance loans through the Small Business Administration to help them cope with disruption due to COVID-19.
The loans “provide the necessary working capital to help small businesses survive until normal operations resume after a disaster,” a press release said. “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.”
According to the SBA website, the loans can be used for “fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.”
Businesses can apply online at SBA.gov/disaster and also check the status of their applications there.
The Wyoming Small Business Development Center Network can provide free assistance with preparing an application. Visit WyomingSBDC.org for information and a package of small-business resources for COVID-19.
Gordon’s press release suggested other resources for businesses.
Regional directors at Manufacturing Works can provide technical assistance in securing supply chains. Email email@example.com for information.
Wyoming Business Council regional directors can help businesses navigate assistance needs and options. Contact information can be found at WyomingBusiness.org/contactus.