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Simple Loan Process Helps Financial Services Company Thrive

In 2014, when Allen Nettles of Powell, WY, was ready to take the leap into his own financial services business, he made the purchase through private funding, and Allen Nettles Insurance Agency was born. But Nettles ran into funding challenges early on in his business’s life.

The personal loan he held had a balloon payment due in November of 2015, but the local banks would not approve a loan, as they needed two years of business tax returns per banking regulations. 

And so, Nettles looked for another source of support.

He heard about the Wyoming Women’s Business Center loan program through the Small Business Development Center, and applied for a loan. He was approved, and the WWBC was able to provide funds to help him make the balloon payment on the personal loan.

“Waldo and the WWBC made refinancing my business loan much simpler and easier than I expected,” said Nettles. “He was a great help and willing to work with my schedule to get everything taken care of.”

The WWBC loan allowed Nettles to lower his payments, and make sure he was within his budget and within his means. When Nettles showed early success in his business, the local bank then agreed to provide a loan to expand his agency, and he was able to pay off his loan with the WWBC.

 “The loan program through the WWBC allowed me to continue to provide a financial service to the community,” said Nettles. It also allowed him to keep a person on staff in the busiest part of the year. 

In total, the loan affected 2 full time people, including Nettles, and 1 part time staff person.

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