Wyoming state is known as heaven for small business owners. It has one of the most favorable environments for small commercial enterprises. It has resulted in the state having more than 17,700 businesses. Around 14,000 are considered small businesses with less than ten employees.
The state actively pursues the growth of small businesses by offering several start-up grants. Besides this, Wyoming is also renowned for not having individual or corporate income tax laws. Numerous other aspects are also advantageous for starting a small-scale business in the state.
Why choose Wyoming for Small Business?
Wyoming, as mentioned above, has several favorable aspects when it comes to small businesses and start-ups. The state is a renowned tax shelter providing various business development programs. These business incentive initiatives aim to develop the small business community to strengthen the state’s economy.
Here are the top reasons why you should choose Wyoming for small business in 2023:
1 – Tax Shelter
Wyoming is known for being one of the rare states with the lowest proportion of taxes. The state does not levy personal income tax, corporate tax for businesses, state tax or excise tax on production, inheritance or estate tax, or tax on intangible assets.
2 – Conducive business environment
Wyoming has a strong business-conducive environment to offer to small businesses. It has a remarkable economy and offers numerous opportunities and incentives for business growth. The main growth factors in the state’s economy include travel and tourism, finance, the mineral extraction industry, insurance, transportation and warehousing, real estate, retail trade, manufacturing, agriculture, etc.
3 – Small business grants
The state also offers several financial grants and aid to small businesses, especially with assistance to women entrepreneurs besides others. These incentive programs can vary. Some business grants aim to boost the manufacturing sector, while others aim to improve small businesses’ or start-ups’ growth and development.
5 Grants for Small Businesses in Wyoming
Let’s take a look at some of the most popular and feasible small business grants in Wyoming for 2023:
1. Wyoming Conservation District Grant
It is offered to start a small business or to grow a small business. The eligibility criteria require the business to be for-profit and located within the state.
Successful applicants can receive the grant as a matching grant, wherein the granting authority will match the amount of money the business contributes towards its development. The Wyoming Conservation District Grant grant is mainly aimed at helping people start a new business, expand their current business or relocate to Wyoming.
To know the eligibility criteria and apply for this small business grant in Wyoming, you can check out the Wyoming Conservation District’s official website.
2. Wyoming Community Development Block Grant
It is offered to start a new business or to expand an existing enterprise. This grant is awarded to for-profit businesses located and operated in the state. The Wyoming Community Development Block Grant grant is also awarded as a matching grant, wherein the granting authority pays the same amount as the business owner contributed to their business growth.
Applicants can use the grant money to start a new business, expand the existing business or relocate their business to Wyoming from other states.
The eligibility criteria for this grant will consider the type of business, business growth plan, and financial information before approving any grant application. You can find details of the eligibility criteria and application process for the Wyoming Community Development Block Grant by visiting the official website.
3. Wyoming Business Council Grant
It is aimed at helping entrepreneurs start a new enterprise and to help business owners expand their business. The grant is provided to established for-profit enterprises that are located within the state. The Wyoming Business Council Grant is also a matching grant, where the business will receive an amount matching the total invested in the business’ growth.
The grant amount can be used for multiple business purposes. For instance, the grant money can be used to start a new business, develop an existing business, or help set up an out-of-state business in Wyoming.
You can find the eligibility criteria and other important information on the official website.
4. Wyoming Women’s Business Center Grant
The Wyoming Women’s Business Center Grant is awarded to women-owned businesses in the state. This is another matching grant where the granting authority will disburse the same amount in grants as the business invests for growth and development.
The grant is aimed at helping women entrepreneurs start a new business, expand their existing commercial enterprise or relocate their business from another state to Wyoming.
To learn the specific eligibility criteria and more information about the Wyoming Women’s Business Center Grant, you can check out the official website here: https://www.wyomingwomen.org/.
5. Wyoming Small Business Development Center Grant
It is another excellent small business grant in the state. This grant is awarded to qualified applicants to start a business, expand it, and relocate it to Wyoming.
The grant is only offered to for-profit businesses, especially those with less than 50 employees. This initiative is part of the state and federal government’s initiative to help small enterprises have a level of competition and opportunities for growth. The Wyoming Small Business Development Center Grant is also a matching grant awarded equal to the amount the business owner invests into their enterprise.
The application for this grant will require information regarding your business, such as type of business, business growth plan, financial information, and business goals. Ensure to provide a detailed description of your business when applying for the Wyoming Small Business Development Center Grant.
For more details about this grant, you can visit the official link: https://www.wyomingsbdc.org/innovation-funding/.
Wyoming has become one of the most favorite states in the US for small businesses. The state has several grants and funding initiatives that are aimed at helping people start a new business, expand their existing business, and relocate a business from out of state into Wyoming. Before applying, read the eligibility criteria and application details to ensure you qualify.