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email:WSBDC@uwyo.edu

Sources for Funding a Small Business

 

find_money.jpgYour Wyoming small business needs money to start (or expand), operate after starting, market and grow & succeed.

Practically all small businesses use borrowed funds for their ventures.  There may be small exception.

This is what the U.S. Small Business Administration has to say about small business grants:

 

"We've all seen the headlines: "Millions in free government money for your business." Late-night infomercials, reference guides and websites promote the availability of grant money to entrepreneurs for starting and expanding businesses. Sound too good to be true? It is.

The truth is that federal and state governments do not provide grants for starting and expanding small businesses. However, the U.S. government does offer a wide-variety of low-interest loans and venture capital financing programs to help entrepreneurs start and grow their businesses. In addition, some federal and state agencies award a limited number of grants for very specialized business activities such as scientific research and development."

 

Besides your local lender, other potential funding sources include:

 

State of Wyoming Funding Sources

 

Wyoming Business Council (WBC) Loan Programs

From WyomingBusiness.org: For more information on any of the loan programs listed on our site, contact Ryan Whitehead, Business Finance Manager 307.777.2882.

 

Workforce Development Training Funds

The Wyoming Workforce Development Training Funds were created to assist small business with training needs.  For information about this valuable resource, visit the link above.

 

The Wyoming SBIR/STTR Initiative

From the WSSI site: The Mission of the WSSI is to assist all qualified Wyoming small businesses and individuals in accessing the funding opportunities provided by the Small Business Innovative Research (SBIR) and Small Business Technology Transfer (STTR) Programs; ~$2 billion annually!

 

Wyoming Women's Business Center

From WyomingWomen.org: The Wyoming Women's Business Center offers Wyoming's current and prospective women business owners the business assistance they need, including access to business counseling, training, technical assistance and networking opportunities.

 

National Funding Sources

ACCION International

From Accion.org: ACCION International is a private, nonprofit organization with the mission of giving people the financial tools they need – microenterprise loans, business training and other financial services – to work their way out of poverty.

 

Grants.Gov

From Grants.gov: Grants.gov is your source to FIND and APPLY for federal government grants. The U.S. Department of Health and Human Services is proud to be the managing partner for Grants.gov, an initiative that is having an unparalleled impact on the grant community.

 

National Venture Capital Association

From NVCA.org: The National Venture Capital Association (NVCA) is a trade association that represents the U.S. venture capital industry. It is a member-based organization, which consists of venture capital firms that manage pools of risk equity capital designated to be invested in high growth companies.

 

Rockies Venture Club 

From RockiesVentureClub.org: RVC is the Rocky Mountain Region's premier networking organization that connects entrepreneurs, service professionals, investors, venture capitalists and other funding sources.

 

SBA Loan Guarantee Programs

From SBA.gov: SBA provides a number of financial assistance programs for small businesses including 7(a), 504 and disaster assistance loans. Within this section, we’ll review eligibility requirements, SBA’s loan programs, surety bonds and the role of SBA, equity capital topics, special purpose loans, SBA partner topics and 7(a) lender programs. Though the SBA does not provide grants to help you start a business, included is information on organizations and sites that can assist you in locating special purpose grants.

 

Loan Preparation

Wyoming SBDC Network - Loan Preparation Assistance

Have one of our specialists, a former commercial banker, look over your information and give you suggestions for improvement from a lender’s viewpoint.

 

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