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Small Business Loans in Wyoming: Best Bank & SBA Lender for Startups, Women & Minorities
With a population of just under 585,000 residents, Wyoming has been experiencing growth in the entrepreneurial sector for the past 5 years. With an average of 3.43 small businesses per 100 people according to this 2013 study, there is no shortage of funding options. Whether you currently own an existing business looking to expand or are drawing up your very own business plans to kick off your entrepreneurial career, Wyoming is a great place to start. The average amount approved for SBA (small business loans) is $268,945. This is money that can be used as working capital, to buy new inventory or equipment, construct new buildings, acquire land, and fund business acquisitions.
How Do I Start The Loan Process?
If you are interested in applying for small business loans there are some different options for you. You can opt for a traditional bank loan where you go to a local financial institution and apply for a specific amount for a set term. Typically these loans are hard to acquire for new businesses due to the risk of business failure. To give yourself a better chance at getting approved you may want to look into an SBA. This is a government-guaranteed small business loan which typically offers lower interest rates and longer repayment terms as compared to traditional loans. Only select financial lenders are approved to offer this type of funding request. The Top 5 Small Business Lenders in the state of Wyoming according to a June 2013 Report include Platte Valley Bank (Torrington), Sundance State Bank (Sundance), Wyoming Community Bank (Riverton), Buffalo Federal Savings Bank (Buffalo), and First Northern Bank of Wyoming (Buffalo). If you are not close to any of these lenders don’t worry, there are numerous SBA lenders across the entire state.
What Do I Need To Apply?
For different types of SBA loan requirements there may be different documents needed. However in general, there are a few documents that you need to prepare before filling out your loan application. These include:
- A Business Plan Of What The Funding Will Be Used For
- All Collateral That Will Secure The Loan
- Business History Explaining How Income Is Generated
- Repayment Explanation Of How The Business Will Repay The Loan
- Any Contributions Made By The Applicant(s)
There are many lending options available for willing business entrepreneurs. Understanding your different options is the first step in acquiring the funding to make your dreams become a reality.
Banks in Wyoming That Offer Small Business Loans
When applying for a small business loan, keep in mind these banks in the state highly rated by the SBA:
First National Bank of Gillette
Founded in 1963, the First National Bank of Gillette offers a variety of business and commercial loan products to the public.
Buffalo Federal Savings Bank
Buffalo Federal Savings Bank is a full-service based in Buffalo, Wyoming. Currently serving as its President and CEO is Deane Bjerke.
First Northern Bank of Wyoming
Founded in 1885, the First Northern Bank of Wyoming is based in Buffalo. In just a year, it managed to help 301 small businesses with loans totaling $28 million.
Wyoming Community Bank
Headquartered in Riverton, Wyoming Community Bank was established in 1999 and is already the seventh largest bank in the state. It currently has 32 employees at two locations in Wyoming.
Platte Valley Bank
Having lent $75 million to 2,132 small businesses in 2013, Platte Valley Bank was rated as the best bank for small business by the SBA.
Sundance State Bank
Based in Sundance, Wyoming, Sundance State Bank offers banking services and products to individuals, organizations, and businesses. With $30 million in small business loans, it helped businesses in the community thrive.
Top Cities in Wyoming and Their Lenders
Wyoming is one of the most rural states in the country. It has some of the most beautiful scenery in the nation. If you’re looking to start a business in the tourism or retail industry, this could be a great spot to start. The problem is that Wyoming doesn’t have many large cities in the region. While the state is large in landmass, it doesn’t have many residents. Much of the state’s locals live in small communities throughout the region. This being said, there are a few large cities that can be used to start a new small business. We’ll overview each of these cities in more detail throughout this article. We’ll also provide you with the top lenders in each city so that you know who to work with if you want to get financing for your new or existing business.
Cheyenne, Wyoming is famous for hosting one of the largest rodeos on the planet. Like most of Wyoming, Cheyenne has a reputation for the outdoors. There are plenty of different industries available in the city – it’s the economic hub of the region. This is one of the top spots to start a new small business in Wyoming. Below are our favorite lenders for the region:
Wyoming Bank & Trust
Wyoming Bank & Trust is our top pick for Cheyenne because the having the lending power to help you take your business to the next level. They also have great business banking services that can be used to keep all your financials in one spot. You’ll be one of hundreds of happy customers if you use Wyoming Bank & Trust.
Cheyenne State Bank
Cheyenne State Bank is one of our top picks for the city of Cheyenne because of their reputation in the area. They provide business banking, merchant services, and business loans. They enjoy helping small business owners in the area attain the commercial finance they need to build their businesses. Their website is slightly basic, but they do have a local branch in the city that you can use to speak with a commercial lending specialist.
Casper is the banking capital of Wyoming. It’s an area that has multiple financial services industries that help cater to the surrounding regions. Much of the commercial capital in the state comes through Casper. Below are our favorite lenders in the region:
Hilltop National Bank
Hilltop National Bank is our top choice for the Casper, Wyoming region. They have a great reputation in the area, despite being a small lender. They also have very large online capabilities despite their small size. For example, you can view all your business banking and business loans all through a central portal on their website. It’s a great way to keep tabs on your business finances without having to worry about heading into the bank or using archaic methods.
Jonah Bank of Wyoming
Jonah Bank of Wyoming is a regional lender that has a great variety of different loans for their business clients. They prefer to structure individual loans that are designed specifically to help you with the type of financing you need. For example, they have agriculture loans, bridge loans, energy loans, equipment loans, real estate loans, and plenty of other types of loans.
Gillette is one of the natural resources centers in Wyoming. The economy benefits from coal, natural gas, and oil in the region. Because of the natural resources in the area, there are plenty of other industries present. It’s a great place to work! Below is our favorite lender in the Gillette area:
First National Bank of Gillette
There’s no better bank to suggest in Gillette than First National Bank Gillette. The bank provides a range of consumer and personal banking products that can help you take things to the next level. They offer business lines of credit and traditional business loans to their commercial customers. They have a great reputation for understanding the local economy in Gillette – they’ll be a pleasure to work with.
Laramie is an industrial capital in Wyoming. While some of the local industries have declined over the past few decades, the area’s economy is still chugging along. There are plenty of retirees who move to the region to take advantage of the area’s amenities. Retail is a massive industry in the city, and it’s a great place to start a new business because of the low tax rates in the area. Below is our favorite Laramie lender in the region:
UniWyo Federal Credit Union
It can often be hard to find a reputable lender in a city as small as Laramie. Fortunately, Laramie has the UniWyo Federal Credit Union, which is a great credit union with a presence in the city. They offer extremely affordable financing, which makes it easy to get the money you need for a price you can afford. They partner with another firm named Centennial Lending to provide business loans to their members.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don’t worry as there still may be other alternative lenders willing to work with you.
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