SF0195

Establishes a small business emergency bridge loan program administered by the Department of Agriculture to provide short-term loans to Wyoming businesses in counties affected by declared natural disasters.

• Creates the Small Business Emergency Bridge Loan Program to provide short-term bridge loans to Wyoming businesses after declared natural disasters, with the Department of Agriculture responsible for administration. (W.S. 11-52-102(a), W.S. 11-52-102(b))
• Requires the governor to declare a natural disaster and designate affected counties before bridge loans become available to businesses located in those areas. (W.S. 11-52-102(c)(i))
• Establishes eligibility requirements: businesses must be physically located in Wyoming within the disaster area, established and operating before the disaster, have an owner with at least 50% ownership as loan guarantor with a credit score of at least 550 and not on probation or parole, and cannot be engaged in loan packaging, short-term rentals, speculation, gaming, investment lending, or illegal activities. (W.S. 11-52-102(c)(ii))
• Establishes a two-step application and review process where registered financial institutions review applications and make recommendations to the Department of Agriculture, which must approve or deny within 24 hours of receiving the recommendation. (W.S. 11-52-102(c)(iii), W.S. 11-52-102(c)(iv))
• Sets loan limits at a maximum of $1,500,000 per business, with a 2% origination fee (1% paid by the Department from the bridge loan account and 1% by the applicant from loan proceeds). (W.S. 11-52-102(d)(i), W.S. 11-52-102(d)(ii))
• Requires loans to be secured by insurance proceeds or other business assets, and limits loan use to disaster-related recovery expenses such as fence repair, livestock replacement, building/shelter replacement, vehicles, equipment, land leasing for grazing, and temporary operating facilities. (W.S. 11-52-102(d)(iii), W.S. 11-52-102(d)(iv), W.S. 11-52-102(d)(v))
• Sets repayment terms requiring full repayment within 3 years at an interest rate not exceeding 0% plus the previous fiscal year's pooled fund investment rate, with the rate adjusted based on investment earnings.