MICRO-LOAN PROGRAM
One of the most important aspects of starting a business is access to capital, and one of the top reasons small businesses fail is because of under capitalization. Wyoming Women's Business Center Micro-Loan program helps entrepreneurs finance a start-up or business expansion.
Over the past 17 years, our Micro-Loan program has assisted 144 Wyoming small businesses and nonprofits with more than
$2.4 million dollars in loans.
ELIGIBILITY
Eligible Entities
Eligible entities include individuals, sole proprietorships, partnerships, corporations, limited liability companies, and non-profit child care centers.
The following are required with any loan:
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Principal needs to have a working knowledge of the industry.
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The business must be located within the State of Wyoming.
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Applicant is not eligible for credit from a commercial lender.
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Applicant has collateral available to secure the loan.
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All loans require personal guarantees.
Accepted Use of Funds
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Working Capital
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Equipment
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Inventory
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Other Supportable Expenditures
Loans Are Not Available For
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Personal Use
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Gambling
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Real Estate Development
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Any Speculative Purpose
HOW TO APPLY
A complete loan application with all items listed below increases WWBC's ability to obtain the funding needs for each borrower. Any missing information will delay the processing of your request. Contact, Waldo Smith, Director of Micro-lending, with questions.
Please complete both the WWBC Loan Application and SBA Form 641 and submit, along with supporting documents and $50.00 application fee to:
Waldo Smith, Director of Micro-lending
Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.
CONSIDERATIONS FOR APPROVAL
Considerations for loan approval include:
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Owner’s Business Management Experience
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Business Ability to Repay
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Financial Strength
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Financial strength of the business, its owners, and guarantors (if any). Loans must be personally guaranteed by the business owners.
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Amount & Quality of Collateral Offered
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Please list available collateral including details such as year, make, model, legal description and supporting documentation.
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Projected Cash Flow
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Show a TWELVE MONTH cash flow projection with expected and worst-case scenarios.
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Show the use(s) of all loan funds and the repayment of the loan in the Project Cash Flow Statement.
