Wyoming Sugar Co. Seeks Disaster Assistance From Business Council
A Wyoming company is requesting almost $5.7 million in loans for sugar beet farmers after heavy rains and frost devastated their crops last year, according to a news release from the Wyoming Business Council.
The Cheyenne-based Business Council will hear the emergency economic request from the Wyoming Sugar Co. during a special call-in meeting on Thursday.
Wyoming Sugar is owned by 38 growers representing about 60 families in Fremont, Big Horn, Park and Washakie counties.
If the Business Council's board of directors approves the proposal, growers would need to submit loan applications by May 15.
Business Council staff then will analyze each loan for sufficient collateral and cash flow.
The 10-year loans will include 3.5 percent in annual interest.
Since 2000, the Business Council has provided 123 alfalfa, bean and beet growers $6,038,396 in economic disaster loans.
However, six growers have defaulted on a total of $84,201.
The interest income since 2000 totals $941,414 and the principal remains untouched, according to the news release.
The interest income since 2000 totals $941,414 and the principal remains untouched.
Wyoming Sugar Co.’s situation did not qualify for emergency financial aid from the U.S. Department of Agriculture;s Farm Service Agency.