We've taken growth capital to all new heights with rapid turnaround times and minimal paperwork.
When we first determined to apply for SSBCI funding to launch a business capital access program in partnership with our sister cities across the State, I knew the impacts could be significant but, in retrospect, the program has yielded dividends far beyond what I could have imagined. As I move throughout the State, it's been so heartening to see the success of the dozens of businesses WSCN has supported and to observe the positive change they bring to their host communities.
Janine Jordan
City Manager
City of Laramie
Growth Capital Program
Business capital can be difficult to obtain due to lending requirements.
To help provide a small business a loan, WSCN purchases up to 25% of the loan amount and subordinates our interest (in liquidation following a default) to the participating lending institution. This increases a borrower’s lending capability and provides a business access to a bank loan. The participating bank services the loan as they normally would.
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Eligibility + Terms
- Commercial loans for working capital, equipment, construction and real estate financing
- The maximum loan participation is up to $1 million
- The maximum term of loan participation is 10 years
- Located within the geographic boundaries of one of the eligible counties
- Fewer than 750 employees
- Borrower or relative is not an executive officer, director, or principal shareholder of the participating lender
-FAQs for Interested Borrowers
Q: Is your lending institution a part of our network?
A: Please review the list of enrolled lenders. If your bank loan officer is not familiar with our program, we can help. WSCN has a simple process to allow additional lenders to enroll in our program.
Q: What benefit does WSCN provide to small business borrowers?
A: The WSCN loan programs allow borrowers to access the capital needed to startup or expand operations. A WSCN participated loan provides access to bank financing and gives borrowers an opportunity to preserve working capital. Proposals can be approved and funded within 2 weeks.
Q: What do I need to do for WSCN to consider my proposal?
A: WSCN communicates mainly with its network of lenders and would be happy to refer you to those bankers in your area. Small business borrowers would need a bank to take the lead on the project. WSCN would be brought into the discussion at the bank’s request.
Q: Are there fees associated with WSCN loan programs?
A: Yes, there is a one-time fee that the borrower would pay. It is typically less than 1% of the total loan amount being sought. The fee is subject to the amount of WSCN funds invested and the loan terms.
-FAQs for Interested Lenders
Q: How does the process work to consider, approve and fund a project?
A: The banker submits a credit memorandum and a signed WSCN borrower application. WSCN reviews the information and will have a follow-up discussion with the banker within one week. If the project is approved by its credit committee, WSCN will send its document packet (Commitment Letter, Participation Certificate, Certification of Loan Parties and Lender Certification) to the banker. One week prior to closing the loan, the banker communicates the closing date and provides drafts of the loan documents. WSCN, its compliance officer, and legal counsel then review the project and ensure eligibility prior to approval. Funds are wired the day of closing to the bank to purchase the participation in the small business loan.
If you have a potential Growth Capital Program candidate, always feel free to call first. WSCN provides its lenders with the borrower’s application.
Q: What would be eligible for the Growth Capital Program?
A: A startup or expanding commercial business that is located in an eligible county (see list/map). Real estate, construction, revolving lines of credit, equipment, inventory or any other asset-backed loan is up for consideration. All types of companies, including non-profit organizations, can qualify. For specific questions on program eligibility, please contact WSCN.
Q: What would not be eligible for the Growth Capital Program?
A: WSCN does not finance developer projects or residential real estate. Purchase of blue sky/goodwill or of equity ownership of a business is also not eligible.
Rural Development Fund
The Rural Development Fund, an organization supported and managed by WSCN, was created to accept additional federal funding through both the U.S. Department of Agriculture and Economic Development Administration. Funds are deployed through the Growth Capital Program described above.
To help provide a small business a loan, WSCN purchases up to 25% of the loan amount and subordinates our interest (in liquidation following a default) to the participating lending institution. This increases a borrower’s lending capability and provides a business access to a bank loan. The participating bank services the loan as they normally would.
Eligibility + Terms
- Commercial loans for working capital, equipment, construction and real estate financing
- Nonprofit entities are eligible
- The maximum loan participation is up to $1 million
- The maximum term of loan participation is 10 years
- Located in Wyoming
- Fewer than 750 employees
- Borrower or relative is not an executive officer, director, or principal shareholder of the participating lender
Wyoming Smart Capital Fund
Supports local business development by investing in Wyoming-based early stage and growing companies. This Fund is not currently active in investing, but may be deployed in the coming months. Stay tuned for news.
Is your business in need of capital?
How to get started
WSCN partners with banks to provide additional capital into a project. This enables the bank to be in compliance or mitigate risk and provides the funds necessary for the borrower to realize their small business dreams. The best way to get started is to contact your current financial institution and ask about the WSCN program. If they are a program participant, your loan officer will go through the loan qualification process with you and apply to us on your behalf. If your lender is not a program participant, or is unaware of the program, please
contact us directly and we will assist you.