GREEN RIVER - A Green River economic development organization has been awarded a $50,000 grant to fund a small business loan program, according to officials with Green River Futures Inc. Economic Development Agency.

The agency was the recipient of a Rural Business Enterprise Grant from the U.S. Department of Agriculture's Rural Development Office, Futures Inc. Executive Director Stephen Heavener said.

He said the money will be used to create a "Futures Fund" that will serve as a direct loan program offering loans to start-up and growing companies in Green River.

Futures Inc. was established in 2000 to coordinate the city's economic development efforts. The company was incorporated as a nonprofit company in 2004.

Heavener said the program will be established April 15 and will be divided into two funds, the business loan program and the micro loan program.

The business loan program is designed to assist growing companies with loans of up to $15,000 for real estate, leasehold improvements, machinery, equipment and working capital, according to plans.

Heavener said under program rules, one full-time permanent job that pays a minimum of 1.5 times the minimum wage must be created for every $5,000 borrowed from the fund.

He said the loan cannot exceed funding 75 percent of total project needs and the borrower must inject a minimum of 10 percent of the project cost as cash equity. Under the rules, the loan funds can be subordinated to banks and other funding sources.

The micro loan program will offer loans of up to $3,000 with no new job creation requirements. The borrower must still invest a minimum of 10 percent of the project cost as cash.

The loan applications will be reviewed and approved by a loan committee comprised of Heavener, and the president and treasurer of Futures Inc.

More information about the program can be obtained at the agency's Web site (www.greenriverfutures.com) or by calling 307-871-1941.

Southwest Wyoming Bureau reporter Jeff Gearino can be reached at 307-875-5359 or at gearino@trib.com.