We offer a variety of non-bank alternative financing programs to assist small businesses and reduce the associated risk of commercial lenders. Each loan program has different uses, requirements, and lending criteria. For loan packaging options, technical assistance, or to determine how your business or your borrower can benefit from these loan programs, please Contact us.
SBA 504 Loan Program
The SBA 504 Loan Program, one of the most utilized small business loan programs in Wyoming, was established to help small businesses purchase capital assets (land, buildings and equipment) while preserving working capital. The 504 Loan Program requires lower down payments than conventional financing and provides long-term, fixed interest rates for up to 20 years. It also reduces the risk for lenders who retain first mortgage position.
For energy efficient projects, the 504 Green Loan Program provides a second mortgage of up to $5.5 million on a per project basis. The usual loan limit of $5.5 million per borrower does not apply, allowing a single borrower to have multiple 504 loans on multiple buildings. The normal 504 Loan jobs creation/jobs retained requirements do not apply either, making larger loans available to businesses with large building and few employees. Borrowers must demonstrate a 10% or more reduction in energy consumption.
The 504 Debt Refinancing Program provides small business owners more options to refinance debt secured by eligible fixed assets and may allow cash out to pay business expenses. The program is designed to help ease the financial burdens of small business owners and further job creation. The program offers the same structure, terms, and fixed interest rate options of a traditional 504 Loan. Borrowers can finance up to 90% of collateral fair market value.
U.S. Department of Agriculture Rural Development Intermediary Relending Program (USDA IRP)
The USDA IRP Loan Program provides loans up to $150,000 to small businesses in rural communities. This loan can be applied to the purchase of equipment, land, buildings or working capital. Terms of the loan are matched to the use of funds. Interest rates are set on a case-by-case basis, below market rate. Applicants must demonstrate the ability to repay the loan and demonstrate new job creation or expanded employment opportunities. Companies located within or adjacent to the city limits of Cheyenne and Casper are not eligible under the “rural” definition of this Program.
For assistance with borrower’s specific project requirements, please contact us.
These are equal opportunity loan programs. Discrimination is prohibited by Federal law. To file a complaint regarding USDA, write to: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410. Complaints regarding SBA applications may be filed with the Legal Department, SBA, Casper, WY 82601.