CHEYENNE, Wyo. (AP) — Top Wyoming elected officials have approved $41 million in economic development loans to three private businesses.

Gov. Matt Mead and the state's other four statewide elected officials make up the State Loan and Investment Board. On Thursday they approved two $15 million loans, one for construction of a fuel additive plant in Cheyenne and the other for expansion of an activated carbon plant in Gillette. The board also approved an $11 million loan for expansion of a Cody pharmaceutical plant.

The loans still must pass legal and technical review before they may become final.

The loans are the first from Wyoming's Large Project Economic Development Fund established by the Legislature in 2014 with $25 million.

The board transferred $16 million from another loan program Thursday to cover the three loans.