Wyoming Smart Capital Network helping local businesses

CHEYENNE, Wyo. (Wyoming News Now) - Around 2019, Muriah Kilmer and her husband Eric decided to buy the brewery Muriah worked at.

Similarly, last year Ryan Walton was looking to purchase a building to hold his chiropractic business.

They looked into loans since they were short on the funds needed to purchase the business, and the bank was limited in how much they could lend them.

After shopping around, they found the Wyoming Smart Capital Network; this company fills the financial gap between small businesses and lenders.

We would not have been able to go through with the purchase of the business without the funds. They were just exponential in getting us going.

Wyoming Smart Capital Network has been around since 2013 and works with a network of 18 banks to help provide funding for Wyoming small businesses.

They have supported over 120 small businesses and helped create around 700 new jobs.

It’s a great program that continually gives back. So once you pay it off, you can go into the next business.

Due to the financial slump in 2020, the Economic Development Administration under the Department of Commerce and the Cares Act Recovery Assistance program has given Wyoming A $5.1 million grant under the Rural Development Fund to be administered by Wyoming Smart Capital Network.

It’s really inspiring to see that there are organizations out there that are trying to support small businesses.

These revolving loan funds help small businesses rebound from the economic impact experienced in 2020. By purchasing up to 25% in a subordinate position to the lending bank, they help provide greater access to capital.

This new revolving fund will be available to small businesses starting July 1st.

Businesses the have a relationship with a commercial banker in Wyoming can apply. Wyoming Smart Capital Network can also introduce companies to their 18 lenders across Wyoming to get the state economy up and prosperous again.

We want to be there for businesses that either want to start up or have a plan for growth ... We want to be a resource for folks across the state to fulfill their business needs and goals.

For more information about the Rural Revolving Loan, check out Wyoming Smart Capital Network

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