Wyoming small business lenders are ready and willing to lend funds to companies ready to expand or who need working capital.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
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Wyoming has a diverse set of features that make it a very interesting state. It is a Mountain West State, one that has a large portion of it covered by the Rocky Mountains. The state isn’t small and, in fact, has 97,000 square miles of land, yet even then, it is one of the smallest in terms of population, with just around 576,000 people calling it home. Considering how small it is, it is impressive just how much this state has to offer. It is noted for its large federal lands, including Yellowstone and Grand Teton. It is also home to numerous historic sites and wildlife refuges. For those who live here, such as in Cheyenne, the largest state, there is no doubt that life is more rural than in many other areas. Yet, there are a lot of reasons to recognize this state for the benefits it offers to small businesses.
Some of the largest industries present in Wyoming include ranching, mining, and agriculture. Yet, there’s more to offer here as well. Tourism is a big component of the industry, as is the service industry. Wyoming is also home to a large number of small businesses, not just big industrial organizations. The U.S. Small Business Administration states there are 72,081 small businesses operating in the state. These companies provide 132,595 jobs for those who live in the area. These businesses generate $5,903,309 in payroll, helping to support those who live here in many ways. For many companies, Wyoming is the ideal place to operate.
One of the reasons for this is the access to small business loans in Wyoming. The state has 326 active small business loans, according to the latest data from the Small Business Administration for the last three years. These loans have an overall value of $194,395,578. For those who need access to funding, the average loan size is $596,305. These funds are versatile and allow businesses to use them in many ways, including for the purchase of assets, expanding services, growing employment, and much more. These funds – and the lenders that offer them – are critical to the area’s growth.
Wyoming small business loans are a valuable resource for any company operating in the state. These loans provide a way for companies to purchase assets and equipment, expand operations, fund their existing operations, modernize, and even just pay to market the next product or service they launch. These loans are typically meant for companies that have been in operation for a year or more and often have 100 employees or fewer.
A small business lender could be a bank or a larger financial institution. Some are private lenders, too. The lender offers the capital to the business owner with the expectation of repayment over a predetermined amount of time. The borrower repays the borrowed amount along with interest on the loan. If the borrower is approved for the loan, they are able to use those funds for any business related expense. This can provide a valuable source of capital for many growing companies.
The key here is to choose the right type of loan for your needs. The most common types of small business loans in Wyoming include:
Borrowers may wish to consider several of these loan formats to determine which ones are best suited for their specific needs. For example, many lenders offer SBA loans, which offer a bit more protection to the lender because they are backed by the federal government. These loans are a good option for many borrowers because they tend to offer competitive interest rates and easier qualifications. Another option is to consider business lines of credit, which allow lenders to extend credit over a period of time, allowing borrowers to borrow and repay the debt and then borrow again over time.
No matter which type of small business loan is selected, lenders will have requirements that borrowers must meet to obtain the loan. This often includes a business plan that outlines the company’s overall organization, structure, products, services, and competitors. It may also include a market analysis and a plan for using the money. In addition, lenders need to see the financials of the company, including business expenses, tax returns, balance sheets, profit and loss statements, and more. This helps them to determine how likely it is for the business to repay the debt on time as agreed.
If you can’t qualify for a loan yet because your company is in the startup phase, you still have options. Lots of entrepreneurs look for ways to bootstrap things. For example, maybe you don’t need to buy commercial real estate yet and can operate from your home or a rental space. Many entrepreneurs in the state of Wyoming look for ways to start with personal savings or even credit cards while keeping costs very low.
You can also look into other resources and funding options, such as the Wyoming Business Council, the Wyoming Small Business Development Center, getting government contracting gigs, help from the Wyoming Women’s Business Center, support from the University of Wyoming, grants for nonprofit organizations, and specific financial assistance from small business grants. There are many financing options out there even if you can’t yet meet eligibility for small business loans. Local governments might also offer microloans or can refer you to other providers of grants.
Once you have a company track record, look into your loan options. Without a doubt, this can be a valuable decision to make. Wyoming small business loans are available, though, with the flexibility that you need and want.
| Rank | Bank Name | # of Wyoming Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Bank of Bridger | 23 | 4.60% | $173,687 |
| 2 | Platte Valley Bank | 13 | 4.68% | $99,523 |
| 3 | Glacier Bank | 6 | 4.56% | $997,200 |
| 4 | Wyoming Community Bank | 5 | 4.15% | $233,600 |
| 5 | U.S. Bank | 4 | 6.97% | $95,375 |
| 6 | Mountain America Credit Union | 3 | 6.25% | $688,333 |
| 7 | United Midwest Savings Bank | 3 | 5.42% | $1,946,000 |
| 8 | Bank of Jackson Hole | 2 | 5.13% | $300,400 |
| 9 | Cadence Bank | 2 | 6.00% | $350,000 |
| 10 | Commonwealth Business Bank | 2 | 4.75% | $2,500,000 |
Bank of Bridger is a locally owned and operated bank with locations throughout Montana and Wyoming to meet the needs of its customers since opening in 1915. Bank of Bridger offers a number of options for banking on a business and personal level to meet the needs of its customers.
We reached out to Bank of Bridger to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Started in June 1891, Platte Valley Bank has been providing banking services to its customers for over 130 years. Originally known as the Bank of Morse Bluff, Platte Valley Bank has since grown to serve all of its customers’ needs with personal and business checking products as well as loans.
We reached out to Platte Valley Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Opening in Kalispell, Montana, 65 years ago, Glacier Bank has grown from an original staff of two in 1955 as First Federal Savings and Loan to now having 16 branches. Glacier Bank is located in five counties in Montana and is able to provide all banking services, including business loans.
We reached out to Glacier Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Chartered in 1999, Wyoming Community Bank was opened to provide local banking services in the area on a community level. Now with 4 locations to meet its customers’ needs in the area, Wyoming Community Bank is able to provide for all of its customers’ banking needs.
We reached out to Wyoming Community Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
First coming into existence in 1863 as the First National Bank of Cincinnati, U.S. Bank now operates in 26 states across the country. U.S. Bank offers a number of products and services to meet customers’ needs, including small business loans and personal banking solutions, including checking and savings.
We reached out to U.S. Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Small business owners often need more than just capital to grow their businesses. They often benefit from having access to financial resources and guidance from successful organizations.
There are a few key opportunities to consider here. The first is the Small Business Administration in Wyoming. This government organization offers support for loan offers, but it also offers resources to help companies to grow and expand. That includes credit building tips, support in starting a business, managing employees, and meeting compliance requirements.
SCORE is another excellent resource. This organization is free to use and provides mentors for small business owners in Wyoming who need and want the guidance of a successful professional. The resources on the site, along with the opportunities for small business mentorships, make it one of the best resources available.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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