SF0026
Changes to Wyoming Challenge Loan Program Limits and Interest Rates
In one sentence
This law increases the maximum amounts for certain business loans and lowers the minimum interest rate for the Wyoming Partnership Challenge Loan Program.
What it does
- Raises the maximum bridge financing loan amount to $1,000,000.
- Raises the maximum guarantee loan participation amount to $2,000,000.
- Lowers the minimum interest rate for program loans from 4% to 3% per year.
- Requires the Wyoming Business Council to establish fees and interest rates for each loan as it is underwritten.
- Sets an effective date of July 1, 2015, for these changes.
Who it affects
- The Wyoming Business Council, which administers the loan program.
- Businesses seeking bridge financing or guarantee loan participation.
- Lenders participating in federally guaranteed loans with the Council.
Limits and unknowns
- The source does not specify how many businesses will receive these larger loans.
- The source does not explain the long-term financial impact on the state budget.
- The official summary notes that it is not an official statement of legislative intent.
Plain language
Terms to know
- Bridge financing
- Financing for the portion of a project cost calculated by subtracting ownership debt and equity from the total project cost.
- Guarantee loan participation
- Financing where the council participates with a lender that has secured a federal guaranteed loan to guarantee repayment of a loan made to a business.
- Wyoming Business Council
- The state agency that administers the Challenge Loan Program and establishes fees and interest rates.
Official record
Sources
Read the official summary
Summary for LSO115 Bill No.: SF0026 Effective Date: 7/1/2015 LSO No.: 15LSO-0079 Enrolled Act No.: SEA 4 Chapter No.: 7 Prime Sponsor: Joint Minerals, Business & Economic Development Interim Committee Catch Title: Challenge loan interest rate. Subject: Challenge loan program – economic development. Summary/Major Elements: Increases the size of loans that can be offered by the Wyoming Business Council under the Challenge Loan Program. The bill increases the bridge financing maximum to $1 million and the guarantee loan participation maximum to $2 million . Sets a new 3% floor for the interest rate charged for Challenge Loan Program loans. Previously, the floor was set at 4%. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Why lawmakers voted
Last checked Aug 7, 4:46 AM
Wyoming roll calls
Recorded votes
6 roll calls
H 3rd Reading:Passed 47-11-2-0-02015-02-12 · House47 yes 11 no
- Yes
- 47
- No
- 11
- Absent
- 0
- Excused
- 2
- Conflict
- 0
Yes 47
No 11
Appropriations:Recommend Do Pass 7-0-0-0-02015-02-10 · House7 yes 0 no
- Yes
- 7
- No
- 0
- Absent
- 0
- Excused
- 0
- Conflict
- 0
Minerals:Recommend Do Pass 8-1-0-0-02015-02-09 · House8 yes 1 no
S 3rd Reading:Passed 25-4-1-0-02015-01-23 · Senate25 yes 4 no
- Yes
- 25
- No
- 4
- Absent
- 0
- Excused
- 1
- Conflict
- 0
Yes 25
Excused 1
Appropriations:Recommend Do Pass 5-0-0-0-02015-01-20 · Senate5 yes 0 no
- Yes
- 5
- No
- 0
- Absent
- 0
- Excused
- 0
- Conflict
- 0
Minerals:Recommend Do Pass 5-0-0-0-02015-01-19 · Senate5 yes 0 no
- Yes
- 5
- No
- 0
- Absent
- 0
- Excused
- 0
- Conflict
- 0
Official activity
Bill history
- Assigned Chapter NumberLSO
- Governor Signed SEA No. 0004 Governor
- H Speaker Signed SEA No. 0004House
- S President Signed SEA No. 0004Senate
- Assigned Number SEA No. 0004LSO
- H 3rd Reading:Passed 47-11-2-0-0House
- H 2nd Reading:PassedHouse
- H COW:PassedHouse
- H Placed on General FileHouse
- Appropriations:Recommend Do Pass 7-0-0-0-0House
- H COW:Rerefer to H02 - AppropriationsHouse
- H Placed on General FileHouse
- Minerals:Recommend Do Pass 8-1-0-0-0House
- H Introduced and Referred to H09 - MineralsHouse
- H Received for IntroductionHouse
- S 3rd Reading:Passed 25-4-1-0-0Senate
- S 2nd Reading:PassedSenate
- S COW:PassedSenate
- S Placed on General FileSenate
- Appropriations:Recommend Do Pass 5-0-0-0-0Senate