Gov. Mead Approves $5 Million Loan to Keep WyoTech Open
Gov. Matt Mead authorized a loan Monday of up to $5 million to DBJJDM Enterprises for the operation of WyoTech in Laramie.
The loan, in addition to a large equity investment, will be used to purchase the assets of WyoTech and for ongoing operations, according to a Wyoming Business Council release. DBJJDM Enterprises is led by Jim Mathis, former WyoTech instructor and CEO.
"The community of Laramie, state legislators, education leaders and others worked with my office to evaluate all options to keep WyoTech operating in our state," said Wyoming Governor Matt Mead in a statment. “The Wyoming Business Council reviewed DBJJDM’s business plan and financial documents. After reviewing the information and recommendation from the Business Council, I accepted the recommendation for a $5 million loan to DBJJDM to operate the WyoTech Institute in Laramie. I appreciate the hard work to keep WyoTech open and providing excellent educational opportunities.”
After an announcement by WyoTech’s parent company that it would be closing the campus, Gov. Mead and the Wyoming Legislature empowered the Wyoming Business Council to solicit proposals for the continued operation of WyoTech and appropriated $5 million to help a new owner purchase the school.
Mathis announced that he would be submitting a proposal to acquire WyoTech operations.
At the time, Laramie County Community College also announced that it would submit a proposal to assume the technical school operations, but stipulated that their offer would stand only if there were no private sector proposals to keep the school open. The WBC says in the release that the school’s efforts helped open a pathway for the preservation of WyoTech.
WyoTech is expected to employ 95 workers in the next two years.