The Wyoming Business Council voted unanimously Thursday to declare Washakie, Fremont and Big Horn counties disaster areas. This came in response to last year’s weather that resulted in major crop loss, economically affecting about 60 families that are represented by the Wyoming Sugar Company.
Sugar beets are third largest agricultural revenue driver for Wyoming, and when months of rain muddied farms last winter – followed by a two-week deep freeze, many crops were devastated.
Ron Gullberg, Communications Director for the council said that “we’re going to help them right this ship and they’re going to have new cops and continue producing sugar beets.”
Each family who has a stake in the company will receive between $13 and $500 thousand dollars in loans, totaling nearly $5.7 million dollars. This amount is nearly matched to the council’s rough total of $6 million loaned to farmers since 2000.
“Our mission is to increase Wyoming’s prosperity, and agriculture is a huge contributor to that prosperity,” said Shawn Reese, Chief Executive Officer of the Business Council. These 10-year loans will be accompanied by a 3.5 percent yearly interest rate, and were weighed against collateral and ability to repay the amounts given.
While helping farmers, these economic disaster loans have generated a surplus revenue for the continuation of disaster relief since 2000. They have provided “123 alfalfa, bean and beat growers $6,038,396 in economic disaster loans since 2000. Of those, six growers defaulted on a total of $84,201. The interest income since 2000 totals $941,414 and the principal remains untouched.”
The deadline for loan applications is May 15, 2017.
