SBA Wyoming District Office Announces Nearly $70 Million Through Signature Lending Programs in the Cowboy State
Written by Andrew-Rossi on December 8, 2022
New, rural, and women-owned businesses across Wyoming benefitted from the small business loans provided by the S.B.A., helping them reach their “entrepreneurial goals” and thrive in the Cowboy State.
On Wednesday, Dec. 7, the U.S. Small Business Administration Wyoming District Office announced the district reached $69.9 million in funding approvals to small businesses through 125 traditional loans for fiscal year (F.Y.) 2022.
Overall Funding and Impact:
The fiscal year 2022 traditional lending data of note includes:
- $48,015,100 in 7(a) loans: 98 loans worth more than $48 million were approved for Wyoming small businesses.
- $21,889,000 in 504 loans: 27 loans worth nearly $22 million to Wyoming small businesses.
- This was accomplished by working with authorized Certified Development Companies (C.D.C.s) and third-party lenders
Traditional loans, comprised of loans through S.B.A.’s 7(a) and 504 programs, were approved in 20 of 23 Wyoming counties. Thankfully, there was an effort evenly distribute loans to businesses in areas historically overlooked.
Fifty-two percent of all traditional loan approvals in Wyoming were for businesses located in rural areas.
“It has always been a priority for S.B.A. to ensure our programs and services are available to all eligible Wyoming businesses, including those in historically underserved, rural communities,” said S.B.A. Wyoming District Office Director Amy Lea. “It’s why we’re excited to see the majority of Wyoming’s counties represented in this loan data. And, we can’t say enough good things about our participating lenders, who continue to go above and beyond to ensure this access to capital is available state-wide.”
Thirty-two percent (48) of traditional loan approvals were to new businesses, and 44 percent (55) were to women-owned small businesses.
“Our office and our partners at the Wyoming S.B.D.C. Network, Wyoming Women’s Business Center, and the Region VIII Veterans Business Outreach Center remain committed to helping Wyoming small businesses access the capital they need to reach their entrepreneurial goals,” S.B.A. Wyoming District Office Deputy Director Deb Farris said. “We’ll continue to support our participating lenders with training and guidance, and we encourage any financial institution interested in providing S.B.A.-guaranteed loans in Wyoming to reach out to our office. Our team has a terrific new Lender Relations Specialist, Tammi Hanshaw, and assisting Wyoming lenders and borrowers is her top priority.”