While Wyoming is the least populated state in the U.S., it’s still home to a number of small businesses. And many owners look to their customers to keep their doors open. If traffic has lulled or you’d like to invest in attracting more clients, a business loan in Wyoming can help. Find out what you need to know to access capital in your state.
Wyoming’s Small Business Landscape
There are about 68,600 small businesses in Wyoming, according to the Small Business Administration (SBA), and they contribute nearly 129,000 jobs. Additionally, small businesses were responsible for $1.3 billion in goods exported from the state.
Industries in which small businesses employ the most workers include:
- Food services and accommodation
- Health care and social assistance
- Construction
- Retail trade
- Scientific, professional and technical services
- Mining and quarrying
- Oil and gas extraction
- Manufacturing
5 Banks for Wyoming Business Loans
1. Points West Community Bank
Points West Community Bank has earned an A+ rating with the Better Business Bureau. It’s also been rated with 4.6 stars on WalletHub.
If you’re looking for a Wyoming SBA loan, you’ll find it here as well as the following:
- Agriculture loans
- Livestock loans
- Equipment loans
- Construction loans
- Business operation lines of credit
- Commercial real estate loans
- Commercial construction loans
- Agricultural operating lines of credit
- Commercial operating lines of credit
- Farm Service Agency (FSA) guaranteed farm loans
2. Bank of Bridger
This bank has earned a 4.4-star WalletHub rating. In addition it’s a Wyoming SBA loan funder as well as an FSA lender, offering loans to farmers, ranchers and agricultural businesses.
Other loan types include the following:
- Real estate loans
- Livestock purchase loans
- Machinery and equipment loans
- Lines of credit for operating expenses and crop production
3. First Northern Bank of Wyoming
Small business loans in Wyoming are also available at this financial institution. This bank has been awarded a 4.6-star Facebook rating as well as a 4.5-star rating on WalletHub.
Find the following loan types here:
- SBA loans
- FSA loans
- Term loans
- Letters of credit
- Construction loans
- Agricultural loans
- Revolving lines of credit
- Operating lines of credit
- Ranch real estate financing
4. Converse County Bank
WalletHub reviewers rated this bank with 4.8 stars. It’s also earned a 5-star Google rating. Here, you’ll find business lines of credit and agriculture loans. Commercial real estate loans also are available, whether you’re looking to construct a commercial property, refinance or purchase a property. Branches are located in Douglas, Wyoming.
5. Pinnacle Bank
Pinnacle Bank opened its doors more than a century ago and today boasts a 4.8-star rating on WalletHub. Visit 1 of 11 branches in the state, where you’ll find secured commercial loans for entrepreneurs starting a new business, filling cash-flow gaps or expanding operations.
Alternatives include the following:
- Agricultural loans
- Equipment loans
- Livestock loans
- Commercial real estate loans
- Operating loans and lines of credit
Alternative Financing Options in Wyoming
Small business loans in Wyoming aren’t just available through conventional lenders, such as the banks noted above. They’re also found with online nonbank lenders. In addition to offering term loans, these lenders are able to offer alternative financing products that are more accessible to many small business owners.
They’re known for their streamlined applications, unsecured loan options and fast funding times. The tradeoff comes in the form of shorter terms, frequent payment installments and higher interest rates than you’d find with conventional lenders.
Applying for Business Financing in Wyoming Through Fast Capital 360
Whether you’re in search of Wyoming SBA loans or another financing solution for your small business, we can help.
Here’s what sets us apart:
Speed
A few minutes is all it takes to get started. In some instances, once you’re approved, you could receive your funding within 1 day.
Multiple Offers
We have numerous lending partners throughout the U.S., which means you could have several financing offers come your way.
Expert Guidance
Review your offers with a Fast Capital 360 Business Advisor. Then choose the best option for your business.
Get Your Business Loan Faster
Additional Resources for Entrepreneurs in Wyoming
In addition to financial resources, you can find resources in your state dedicated to helping small business owners. Here are a few.
Wyoming Small Business Development Center
Whether you’re looking to start a new business or grow an existing one, consider this organization. Get assistance applying for funding or accessing government contracts. Take part in online webinars on topics of interest to entrepreneurs too. Also, get access to an online library with additional resources.
Wyoming Business Council – The State of Wyoming’s Economic Development Agency
This Wyoming agency partners with various organizations in the state that support businesses. Find a business adviser, find out how to protect your intellectual property, get manufacturing assistance and more. Additionally, get help finding and obtaining capital for your venture.
Wyoming Women’s Business Center
The Wyoming Women’s Business Center is dedicated to providing training and microlending programs to socially or economically disadvantaged Wyoming women in particular, though all entrepreneurs in the state are welcome. No-cost 1-on-1 business counseling is also available. Additionally, women artists can showcase their works through the organization’s Artist Development Center.
