Entrepreneurs in the state of Wyoming may not know that they have 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 brainstorm, 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 provide you with the cash you need to cover these expenses.
You can also use a loan to bridge a gap if your business is seasonal. Really, there is little that a small business loan is not it blanket!
Types of small business loans to choose from
If you’re new to finding small business financing, you might be surprised at all the choices available to you. There is a loan option and a lender for every business and every type of credit profile.
Whether you want a short, medium or long term loan, there are banks, credit unions and online lenders to help you with your Wyoming business. Loans from banks tend to have the strictest criteria to qualify, and you’ll need good to excellent credit to be approved. Online lenders may have more flexible settings.
The United States Small Business Administration is a division of the federal government that supports several small business loan programs. Note that the SBA is not a lender; there are banks and online lenders that are authorized to lend through the 7(a), 504, and microloan programs offered by the SBA. To learn more, visit SBA.gov.
Some loans have specific purposes, and equipment loans are an example. They are used to buy equipment like heavy machinery, company vehicles, computers, etc. The equipment you buy serves as collateral for the loan, which can help you get lower interest rates.
Commercial real estate loans
Another specific loan is that intended for the purchase of commercial real estate. It’s like a mortgage for your home, but it’s a business loan. The property serves as collateral, and generally these loans are for a maximum term of 25 years.
Small Business Loan Options for Wyoming
Now that you know more about a few of your small business loan options, let’s take a look at the lenders that 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 lender to lender. To qualify for the lowest interest rate loans (SBA and bank loans), you will need good to excellent credit and have been in business for at least two years.
If you’re running a startup and don’t qualify for these loans, don’t worry. There are online lenders that look at other criteria like your annual or monthly sales to determine your eligibility.
Banks may require you to visit a branch to apply and may ask you 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 business. Figure out how much you need to borrow and what you’re entitled to, then start shopping. Review the terms of the loan before signing anything. Often you can see what rate you qualify for before submitting a claim.
Small Business Grant Options for Wyoming
Another financial aid option in Wyoming comes from small business grants. This form of business financing does not have to be repaid like loans do. Nonprofits, local governments, and businesses all offer small business grants. Here are a few you might consider applying for:
Additional Resources for Wyoming Small Businesses
Wyoming small business owners also have a variety of small business resources that can provide mentorship, advice on obtaining government contracts, workshops, and networking:
Whether you are located in Casper, Laramie, Cheyenne, Jackson, or any other city or town in Wyoming, know that you are not alone as an entrepreneur and have many resources to support your business on its journey to growth and prosperity!
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