Entrepreneurs in the state of Wyoming may not be aware that they’ve got some powerful partners and business resources in the Cowboy State.
Whether you’re looking for working capital to help grow your business or need someone to bounce ideas off of, there are plenty of resources to help.
How a Small Business Loan Can Help Your Wyoming Business
Let’s start by looking at small business loans, which can be used to cover any expenses you have for your business.
Want to hire staff? Invest in advertising? Buy real estate or equipment? A small business loan can get you the cash you need to cover these expenses.
You can also use a loan to get through a slow period if your business is seasonal. Really, there’s little that a small business loan doesn’t cover!
Types of Small Business Loans to Choose From
If you’re new to researching small business financing, you might be surprised by all the choices you have. There is a loan option and lender for every business and every type of credit profile.
Whether you want a short-, intermediate-, or long-term loan, there are banks, credit unions, and online lenders that will help you with your Wyoming business. Loans from banks tend to have the strictest criteria to qualify for, and you’ll need good to excellent credit to get approved. Online lenders may have more relaxed parameters.
The U.S. Small Business Administration is a division of the Federal government that backs several small business loan programs. Note that the SBA isn’t a lender; there are banks and online lenders who are approved to lend through the 7(a), 504, and microloans programs that the SBA offers. To learn more, visit SBA.gov.
Some loans have specific purposes, and equipment loans are one example. They are used to purchase equipment like heavy machinery, company vehicles, computers, et cetera. The equipment you buy acts as collateral for the loan, which may help you get lower interest rates.
Commercial Real Estate Loans
Another specific loan is one to purchase commercial real estate. It’s just like a mortgage for your home, but it’s a business loan. The property acts as collateral, and typically these loans are for up to 25 years.
Small Business Loan Options for Wyoming
Now that you know more about a few of your options for small business loans, let’s look at lenders who offer them in Wyoming.
Commercial Real Estate Loans
What it Takes to Get Approved for a Small Business Loan
So what do you need to qualify for a loan in Wyoming? Eligibility varies from one lender to another. To qualify for the loans with the lowest interest rates (SBA and bank loans), you’ll need good to excellent credit and to be in business for at least two years.
If you run a startup and don’t qualify for those loans, not to worry. There are online lenders who look at other criteria like your annual or monthly sales to determine eligibility.
Banks may require you to visit a branch to apply and may ask for detailed financial statements and tax returns. Online lenders may only ask for a few details about your business before making a decision.
How to Choose the Right Loan for Your Wyoming Small Business
The right loan for some borrowers may not be the right loan for your company. Determine how much you need to borrow and what you qualify for, then start shopping around. Review loan terms before signing anything. Often you can see what rate you qualify for before submitting an application.
Small Business Grant Options for Wyoming
Another option for financial assistance in Wyoming comes from small business grants. This form of business financing does not have to be repaid as loans do. Nonprofit organizations, local governments, and corporations all offer grants to small businesses. Here are a few you might consider applying for:
Additional Resources for Wyoming Small Businesses
Small business owners in Wyoming also have a variety of small business resources that can provide mentoring, tips on securing government contracting, workshops, and networking:
- Wyoming Business Council
- Wyoming Small Business Development Center (SBDC)
- Wyoming Women’s Business Center
Whether you’re located in Casper, Laramie, Cheyenne, Jackson, or any other city or town in Wyoming, know that you’re not alone as an entrepreneur and that you have plenty of resources to support your business on its journey to growth and prosperity!
This article was originally written on March 16, 2022 and updated on March 21, 2022.