Introduction to Wyoming Small Business Grants
When you start a small business there may be unexpected expenditures and this may disturb your budget. In such a scenario, you may require financial assistance like small business grants in Wyoming. Small business grants are a type of Wyoming small business loans specifically created for businesses that need financial or monetary assistance. This is a guide providing an overview on different grants or grant programs available for small businesses in the state of Wyoming.
Small Business in Wyoming
One of the best locations for starting a small business is Wyoming because it has been voted to have one of the best business climates in the USA. Your business can also take advantage of Wyoming startup grants and the lack of corporate or individual income tax. There are several other advantages and benefits ranging from a strong economy and infrastructure to business incentive programs.
Why start a small business in Wyoming?
Wyoming is one of the most preferred states for starting a new business. There are several reasons why small businesses or startups find the state attractive including tax shelters, a wide variety of business incentive programs by the Wyoming small business development, a robust economy, and Wyoming startup grants among others. Let us take a look at some of the advantages or benefits of starting a new business in this state.
- Save on Taxes: One of highlights of Wyoming being a favored destination for new businesses is that you can save on taxes. Whether you plan to form an LLC or incorporate, you can benefit from the following:
- No Personal Income Tax
- No Corporate Tax for business entities
- No Excise Tax or state taxes on specific items
- No Estate or Inheritance Tax
- No taxes on intangible assets
- Robust Economy: The state of Wyoming offers new businesses a robust economy and plenty of opportunities right from Wyoming small business assistance to Wyoming startup grants. The real GDP of Wyoming in 2019 was $39.31 billion with strong business growth witnessed in tourist-oriented regions like Teton County. The primary drivers of Wyoming’s economy include the travel and tourism sector, mineral extraction industry, finance, insurance, real estate, manufacturing, transportation and warehousing, retail trade, and agriculture among others.
- Small Business Development Programs: One of the advantages of starting Wyoming women’s small business is the wide variety of programs that provide meaningful assistance to women entrepreneurs as well as all types of startups. These programs vary from small business grants in Wyoming to manufacturing assistance, business-ready community grants, Workforce Development Grants, and other incentive programs.
Wyoming Small Business Grants
Small business grants in Wyoming play a key role in ensuring startups are able to get the much needed financial assistance. Business grants are considered to be a type of Wyoming small business loans where a specified sum of money is provided to a startup business to help them manage the initial cost of setting it up. These grants are normally distributed by foundations, corporations, federal, state, or local governments, and trusts. The salient advantage of grants is that you don’t have to pay it back.
There are different types of Wyoming startup grants made available through Wyoming small business development center programs.
Wyoming Business Council Programs
One of the top organizations that provide assistance to small businesses in the form of small business grants in Wyoming is the Wyoming Business Council which participates with banks and financial institutions to enable business financing. The organization was founded by the State of Wyoming in 1998 and its primary task is to focus on making available grants for Wyoming women’s small business, creating new opportunities for businesses and prospective employees as well as ensuring a diverse and lasting growth in the state. Some of the top programs offered by the Wyoming Business Council are:
SBIR Matching Program
The SBIR Matching Program stands for Small Business Innovation Research Matching Program and it is administered by the Wyoming Business Council pursuant to Wyoming Statute § 9-12-105(d). SBIR is a Wyoming startup grant program also known as the SBIR Phase I and II matching program. The primary objective of this Wyoming small business assistance program is to provide matching funds for startups and small businesses, who receive federal funds through the SBIR or STTR programs.
You will be able to benefit from this Wyoming startup grant program only after you apply for the same. The applications are normally reviewed in September and October, each year. The SBIR Matching Grants for Wyoming small business assistance provides the following amounts:
- Grant of a maximum of $100,000 for any first-time SBIR Phase 1 applicants
- Grant of a maximum of $70,000 for repeating SBIR Phase 1 awardees
- Grant of a maximum of $200,000
The Wyoming Business Council can award a grant amount of up to five million Dollars ($5,000,000) in total SBIR grants each fiscal year at its sole discretion.
The Regional Startup Challenge Sponsorship
The Regional Startup Challenge Sponsorship program is intended at leveraging regional successes. The Wyoming Business Council makes funds available as a part of their Wyoming startup grant programs to initiate the startup challenge. According to the Wyoming Business Council, eligible applicants include educational institutions, towns, cities, counties, nonprofit organizations, joint powers boards, and local economic development organizations.
Other recent funding opportunities published in local state
There are several different small business grants in Wyoming that you or your business can benefit from. Wyoming is home to almost 17,716 business entities in a variety of industries. A new business may require financial assistance if not initially then over a period of time. The Wyoming small business loans or grants can help businesses manage their initial and post startup costs in a variety of industries. Some of the most common funding opportunities administered by the Department of the Interior, Bureau of Land Management that a Wyoming small business will be eligible for include:
- Public funding opportunity known as “Wyoming Wildlife Resource Management”
- Funding opportunity known as Notice of Intent to Award: Wyoming State Forestry Division for BLM-WY, Wyoming Good Neighbor Agreement
- Funding opportunity known as BLM Wyoming Recreation and Visitors Services
- Funding opportunity titled “Head Start and/or Early Head Start Grantee – Laramie County, Wyoming”
- Funding opportunity titled “BLM WY State of Wyoming, Abandoned Mine Land Coordination AML”
Apart from the above, some of the other grants or Wyoming small business loans programs include:
- Business Ready Community Grant and Loan Program
- Managed Data Center Cost Reduction Grant Program
- Workforce Development Training Fund
Small Business Grants for Women in Wyoming
The world of business is seeing more and more women entrepreneurs and they are playing a key role in contributing to the overall growth of the Wyoming and U.S. economy. Businesses started by women entrepreneurs also require financial assistance and hence Wyoming startup grants are also available for such businesses. One of the most popular Wyoming women’s small business grants is known as the Amber Grant.
Since there has been an increase in women entrepreneurs or women run businesses, the Amber Grants have been created specifically for businesswomen in Wyoming and all across the US. This is a Wyoming startup grant that is administered by WomensNet and was first launched in 1998. It is targeted at women who want to fulfill their business dreams. This Wyoming women’s small business grant amount can vary from $10,000 to a maximum of $25,000.
How can IncParadise help you?
One of the most important steps towards applying for small business grants in Wyoming is forming a new business or incorporation. IncParadise is an expert incorporation service provider in Wyoming and we can help you with the entire process of establishing your new business in this state.
We at IncParadise have a team of specialists and professionals who will not only help you to incorporate or form a new business but also help with any business related query you may have. We also offer a wide variety of additional services to new and existing Wyoming businesses including assistance with annual filings.