Financial situation in northern Wyoming beginning to calm down
CHEYENNE, Wyo. (Wyoming News Now) - At the beginning of the Coronavirus crisis, businesses and individuals rushed to financial institutions to make sure they had enough money to get them through what they thought might be a few weeks’ loss of income.
But as the summer has progressed, and the crisis lingers, economic uncertainty remains throughout the country.
However, in northwest Wyoming, bankers say the financial picture isn’t quite so bleak.
Derek Moore is the Cody branch manager for First Bank of Wyoming. He says mortgages have seen an upsurge this summer.
“Obviously, interest rates are phenomenal right now,” he explains, “and we’ve actually seen more mortgage loan applications than we ever have in our history.”
Regarding personal finances, Moore says that although most calls at the beginning of the crisis were regarding applications for federal assistance and deferrals on loan payments, as the summer has progressed, more people have been applying for loans on less essential items.
“Once things have opened back up, there’s still a lot of requests for car loans, camper loans.”
Garrett Growney is the vice president of Commercial Lending at Pinnacle Bank in Cody. He says their bank is also seeing an increase in requests for recreational vehicles, theorizing that the demand is based on limited vacation options.
“People aren’t, for the most part, flying to exotic destinations,” he points out, “so they’re stay-cationing around Park County. They like to camp, they want to do those things. So we’re seeing some demand there.”
Growney adds that most businesses in Cody were able to access some of the stimulus money that became available at the beginning of the pandemic.
“We’ve seen a couple of applications come in recently, but the bigger demand for that has gone down.”
Growney points out that because businesses only qualify for one round of stimulus money from the government, many have no choice at this point of the summer but to continue to work hard as the pandemic wears on.
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