Wyoming is among the lest densely populated states, and it ranks last in the country based on population size. The U.S. Census Bureau reports that approximately 600,000 residents live in Wyoming, and the state had a four person growth rate over the last five years. Mining, tourism and agriculture are among the most prevalent sectors of the economy. However, with the population growth in the area, there are many opportunities for small business owners to take advantage of. Despite its small size, Wyoming ranks 19th in the country for entrepreneurial activity. If you are one of the many entrepreneurs in the area, you may have plans to grow and expand your business in different ways. Capital is often a requirement for serious growth, and you may seek the funding you need through a small business loan.
How Small Business Loan Funds Can Be Used
The opportunities available to your small business in Wyoming for growth and development are considerable when you have access to extra funds. Some small business loans may infuse your bank account with up to several hundred thousand dollars. Such funding can be used strategically in various ways, including expanding your product or service line, reaching into new territories with a branch location, investing in new equipment or machines, hiring more staff and more. Lenders often require a detailed and updated business plan that reflects your growth plan on a step-by-step basis. With this in mind, it is important to think about how you plan to use the funds to grow your Wyoming small business before you apply.
Who Makes Small Business Loans in Wyoming?
While you can use a Wyoming small business loan for a wide range of purposes, you may want to review loan terms to see how competitive this source of financing is. Many banks and credit unions across the state approve business loan requests. However, there are a handful of banks that make the majority of the loans in the state. Some of the major Wyoming small business lenders include Platte Valley Bank, Sundance State Bank, Wyoming Community Bank, Buffalo Federal Savings Bank, First Northern Bank of Wyoming and several others. You can typically find published interest rates and loan terms online, and this makes it easy for you to learn more about loan affordability before you apply. It also helps you to find the lender who may have the lowest rates. However, because the published rates are often reserved for the most qualified candidates, it may be helpful to shop around to a few top lenders before you finalize your plans to apply for a Wyoming small business loan.
How to Update Your Business Plan
Most small business owners created a detailed business plan when they launched their business, and you can use your plan to guide you through the growth process. Your business plan can be updated to reflect your growth plans, detailing each stage in the process as well as the costs associated with each stage. It is best to carefully think through this growth plan so that you cover all of your bases. For each cost factor identified, research the actual expense that your business will incur. At the end of this process, you will be able to determine the exact loan amount that you need to executive your growth plan. You can then use this firm loan amount to generate an estimated monthly payment. Verify that this payment is affordable for your budget before you move forward with the loan request. Keep in mind that the loan term on a small business loan may extend for many years, and you will be responsible for making timely payments throughout the life of the loan.
What Does the Loan Process Look Like?
If you have never applied for a Wyoming small business loan, you may be wondering what the loan process is like. First, you will be required to submit a considerable amount of documentation to the lender. Some applicants gather these items together ahead of time to save time during the loan process. You can generally expect a small business lender to require personal and business bank statements and tax returns, historical and projected operating statements, your business plan and more. After you provide this documentation to the lender, the processing and underwriting of your loan request will be completed. If your loan request is approved, you may then expect the loan funds to be deposited in your bank account. This entire process may take several weeks or longer to complete.
The decision to apply for a small business loan as well as decisions such as the loan amount to request and the lender to work with all should be made with care. Your effort in each of these tasks will help you to more easily obtain an affordable loan amount that meets your needs.