Overview

The CLCJPB Revolving Loan Fund is made possible by a donation from Cheyenne LEADS.

It is short-term financing for small projects and is generally done in conjunction with a local bank in order to meet a funding gap.  These are focused on small and very small projects and businesses.

Criteria:  

  • Small Businesses and Entrepreneurs who have a gap in funding. 

  • Is in, considering locating in, or expanding in Laramie County Wyoming 

  • Must have a letter of support, be referred from, or be denied by a traditional bank or credit union. Preference given to projects that are done in conjunction with a local bank but have a gap in funding.

  • Can demonstrate that the project being funded is creating new jobs or retaining jobs.  

  • Money can be used for capital or operations. 

  • Borrower must either show a track record of success or be working with a Wyoming technical assistance provider (Wyoming SBDC, Wyoming Women’s Business Center, Impact 307, etc).  

Terms: 

  • Generally between $5000 and $50,000

  • Flexible terms and rates depend on the project and need. 

  • Maximum payment term is 7 years.  May consider loans with up to a 15 year amortization schedule with a balloon payment at the end of 7 years.  

  • Loan collateral will be considered on a case-by-case basis.  The RLF will assume a 2nd or 3rd position in order to leverage other lender involvement. 

  • Personal guarantees or co-signatures from the borrowers are required.  

  • At least 10% of the project cost or market value must be invested by the borrower. 

  • Origination/closing fee equal to 1.5% of the loan amount or guarantee

  • A non-refundable $100 loan application fee is required.  An invoice will be provided upon completion of the application form.    

Along with your application and any necessary supporting document listed in the application, please provide copies of the following documents to clcedjpb@gmail.com:

  • Current (not over 60 days old) Balance Sheet

  • Current (not over 60 days old) Profit and Loss Statement

  • Previous 3 years' fiscal year-end Balance Sheets

  • Previous 3 years' fiscal year-end Profit and Loss Statements

  • Previous 3 years' Federal income tax returns

  • Business Plan stating the history of the business, nature of expansion, and marketing plans Cash flow projections by month for 1st year; then by quarter for 2nd and 3rd years

  • Personal financial statements for all owners of the business with prior 3 year's tax returns Resume or biographical sketch including previous business experience and management capabilities of each owner and supervisors

  • If Corporation, copy of Articles of Incorporation and current Certificate of Good Standing from the State of Wyoming

  • If Partnership or LLC, copy of Partnership or LLC Agreement

  • Copy of letter of commitment from other financing sources, including rate and terms of financing