SHERIDAN — The Wyoming State Loan and Investment Board Thursday approved a request from the Sheridan Economic and Educational Development Authority for nearly $1.4 million in loans, funds the local joint powers board plans to use to build a new manufacturing facility for Vacutech in Sheridan’s Hi-Tech Business Park.

The decision awards SEEDA $1,369,785 in loans from the Wyoming Business Council, the board will put into the construction of a new 40,000 square foot manufacturing facility it plans to lease to Vacutech to accommodate the company’s growth.

SEEDA secured $3 million in grant funding and a $1.225 million loan for the same project from the WBC in 2017, but bids for construction of the new facility exceeded the original budget and the board requested additional funds to make up the difference. The joint powers board’s initial request asked for a $1,094,785 Business Committed Grant and a $275,000 Business Committed Loan, but the WBC board decided to recommend granting the combined amount of those requests as a loan, per a WBC staff recommendation.