Here at Western Vista, we know that small business is the life blood of any community and economy. During these extraordinary times, we want you to know that we are here to support our member businesses and help as much as we can through this difficult time. We have been in existence for 80 years and have the experience and financial strength to help our business members for years to come.

There is a lot of information circulating out there about the new SBA programs designed to help businesses during this time. In addition to our regular commercial loan and lines, we want members to have as much information as possible to navigate through what pandemic disaster related loans are available.

Economic Injury Disaster Loan (EIDL)

You do not need to be a member of Western Vista Credit Union to be eligible. Applications are made directly to the SBA Disaster Service Center.

This working capital loan program is intended to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the outbreak of COVID-19. This low-interest loan provides the necessary working capital to help small businesses survive until normal operations resume after a disaster. The loan amount will be based on actual economic injury and working capital needs and determined by the SBA loan officer after discussing the business situation with the owner. Included with the EIDL is an advance of up to $10,000.  This advance may be available even if you are declined and the advance will be forgiven. Please see the SBA EIDL program details for additional details.

Detailed financial information is not required at the time of the EIDL application. There is no fee to apply and small business does not have to accept the loan if approved. Once submitted, an SBA loan officer from the Disaster Service Center will contact the applicant. The interest rate is 3.75% (2.75% for non-profits), the term can be up to 30 years and the first payment is deferred for 1-year.

Paycheck Protection Program (PPP)

You must have a business account with Western Vista Credit Union in order for us to process your request. Membership is easy. Here is a checklist of information required to open an account. To apply for the SBA PPP through Western Vista, please review the information below.

On March 31, 2020, the CARES act was passed, allowing the U.S. Department of the Treasury, in conjunction with the SBA and its partnering lending organizations (such as Western Vista FCU), to offer access to the Payment Protection Program (PPP). The interim final ruling released on April 1 provided new information about applicant eligibility and qualification requirements for the PPP. The following links provide a comprehensive overview of the program:

Western Vista is accepting applications for the SBA PPP.  As with any new government guaranteed loan program, the SBA is still continuing to issue guidance on the forgiveness portion of the PPP. As the CARES Act currently stands, there is $350 billion allocated nationally for this plan through June 30, 2020. We expect the demand for this loan program to be very high.

To apply through Western Vista and be eligible, please have the following package of information available:

Remember, if you have applied for the EIDL, you cannot finance payroll cost in both, but you can refinance the payroll component originally financed in the EIDL into the PPP (which has a percentage of the payroll cost that can be forgiven under certain circumstances). The SBA and Western Vista are relying upon the information being submitted as true and accurate. Anything misrepresented will be considered fraud and prosecuted as such by the lender and the SBA.

To submit a complete SBA PPP loan package:

  • Call us at 1-800-310-2197 and ask to speak to a member of the business lending team; OR
  • FAX the package to 307-778-8923; OR
  • Email wvista@wvista.com and we will reply with a secure link for you to submit the completed package

The demand for this loan is very high. We are working to process applications as swiftly as possible. The SBA has limited funding set aside for the PPP, so it is recommended that businesses consider the direct EIDL loan and the PPP and determine which works best, as each loan program has different terms and conditions.

Other Helpful information

The Wyoming Legislative Service Office has provided a COVID-19 State and Federal Resources with links to a variety of services.

Guide to the Cares Act
Guide and Checklist for Small Business Emergency Loans
Layoff Aversion Grants (State of Wyoming)

Are you wondering what to do if your finances have been impacted by the pandemic? Here is some great information.