Overview
Available through most private bank lenders. These loans usually have no minimum amount your can borrow. 20 to 30% owner equity is normally required, along with collateral securing the loan. Paybacks on the loan are from 3 to 15 years.
Interest Rates
Interest ranges from Prime Rate Plus 2.5% to 3%. These loans are generally for existing businesses, so to qualify a borrower must have 3 years of business history with 2 of those years showing profitability. Start-up businesses may also qualify. Contact local lender for details. The Wyoming Small Business Development Center and Uinta County Economic Development Commission offer technical assistance in preparing yourself for financing.