Small Business Emergency Bridge Loan Program
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Bill Summary - 25LSO-0448 Bill No.: SF0195 Effective: 7/1/2025 LSO No.: 25LSO-0448 Enrolled Act No.: SEA No. 0050 Chapter No.: 103 Prime Sponsor: Biteman Catch Title: Small business emergency bridge loan program. Has Report: Yes Subject: Creating a loan program for small businesses during natural disasters. Summary/Major Elements: This act creates an emergency bridge loan program to provide short-term bridge loans to small businesses in Wyoming after natural disasters. The Office of State Lands and Investments (OSLI) is tasked with administering the program in which financial institutions process and issue loans. Before a bridge loan may be issued, the Governor must declare that a natural disaster has occurred and must designate the counties in which the natural disaster has occurred. Specified small businesses in designated counties may apply for bridge loans. Applications for bridge loans must be filed with a financial institution that has registered to participate in the loan program. OSLI must review applications approved by a financial institution within five (5) business days and, if approved, disburse funds. Bridge loans are limited to seven hundred fifty thousand dollars ($750,000.00), require a two percent (2%) origination fee, and must be secured by the debtor's assets. Loan proceeds must be expended for business purposes and cannot be used to expand the business or purchase property. Loans must be repaid within three (3) years and incur an interest rate equal to the interest rate earned on specified state investments. The act requires OSLI to annually review the program and report to the Joint Appropriations Committee, the Joint Agriculture, State and Public Lands and Water Resources Interim Committee, and the State Loan and Investment Board by October 1 of each year. The act authorizes the OSLI director, with approval from the Governor, to borrow up to twenty‑five million dollars ($25,000,000.00) from the Legislative Stabilization Reserve Account to fund the bridge loan program created under this act. Comments: This act contains reporting requirements related to the program and the borrowing of funds for the program. 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
Last checked Aug 5, 3:10 AM
R · S21
Why they voted this way
The lawmaker supports concurrence because amendments improved the bill by broadening its scope to small businesses, replacing an appropriation with borrowing authority for flexibility, and reducing bureaucracy to speed up loan approvals.
R · H01
Why they voted this way
The speaker explains that this is a cleanup amendment intended to allow the director of the land agency to begin rulemaking immediately, rather than waiting for board meetings during disasters.
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Wyoming roll calls
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Official activity
Changes
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The amendment changes references to 'office' in the bill to 'state loan and investment board', updates who can approve applications, and modifies reporting requirements.
The amendment modifies the eligibility criteria for small business emergency bridge loans by expanding the types of funds and assets that can be considered.
The amendment changes how the state will fund small business emergency bridge loans by allowing borrowing from a reserve account instead of direct appropriation.
The amendment changes the eligibility criteria for small business emergency bridge loans to allow multiple owners of a business to apply instead of just one owner.
The amendment changes references to the Department of Agriculture in the bill to the Office of State Lands and Investments, reduces loan amounts, and adjusts other details accordingly.
The amendment changes the time limit for small businesses to apply for emergency bridge loans from twenty-four hours to five business days.
The amendment allows the governor to declare a natural disaster for making loans available if certain types of infrastructure fail.