The Wyoming Business Council will provide up to $5.7 million in loans to sugarbeet farmers in the Big Horn Basin whose crops were hit hard by rain and cold weather.
The council’s Board of Directors voted unanimously March 30 for the loans to support the 60 families with ownership stake in Wyoming Sugar.
Heavy rain last fall and a hard winter freeze devastated the sugar beet harvest in Big Horn, Fremont and Washakie counties.
Council staff will analyze each loan for sufficient collateral and cash flow. The 10-year loans will include 3.5 percent in annual interest.
On average, each loan will be about $158,000, though that amount will range from $13,000 to nearly $500,000.
This is the fourth time the Business Council has provided loans for disaster relief.
Source: www.codyenterprise.com