May 24 marks National Wyoming Day. We celebrate this day because it commemorated when the creation of the Laramie Treaty. The treaty essentially recognized the area that is now Wyoming as a distinct region in and of itself. Wyoming did not become a state until 1907. Before that, it was part of the Dakota Territory. Today, Wyoming is a beautiful place to work and live, which is why we celebrate National Wyoming Day.
Six Reasons to Start a Business in Wyoming
Ask any Wyoming-based entrepreneur, and they will most likely tell you that, yes, Wyoming is a great place to start a business. There are numerous reasons for this, not the least because it is a state rich in natural resources. Coal, uranium, and natural gas have all played a critical role in the history and consequent development of the state. And in honor of National Wyoming Day, here are some key reasons why starting a business in this state is terrific.
1. Lower taxes
More than once, Wyoming has been ranked among the most tax-friendly business states. Because Wyoming has neither an individual income tax nor a corporate income tax, the tax climate is quite business-friendly. The less you have to pay in taxes, the more you have to devote to other aspects of your business.
2. Incredible business survival rates
Ranked very high among states regarding business longevity, Wyoming has a reputation for nurturing small businesses. Their three- and five-year survival rates are higher than you will find in most other states. This means your company has a fighting chance in Wyoming.
3. The state’s median age is around 37
Wyoming has one of the youngest populations in the country. Young professionals are eager and driven to get their small businesses up. They work hard to promote and nurture the local economy. And this indeed equates to good things for the state as a whole.
4. Work/life balance
Wyoming prides itself on its abundant national resources, national parks, and recreational activities. You rarely run out of things to do in Wyoming. So especially for those avid outdoors adventures, Wyoming truly does offer the best of all worlds.
5. Real estate prices
Unlike some other areas in the country, particularly urban and more populated hubs, Wyoming real estate prices are not out of reach. This is a good thing for someone just starting a business. And keep in mind, as the state is poised to grow, real estate values will only increase.
6. Availability of business loans
Wyoming is genuinely invested in its small businesses. Numerous banks and other lending entities are willing to work with entrepreneurs seeking financing for their endeavors. Perhaps though, the easiest way to get a small business loan in Wyoming is to go with an alternative or online wonder. Their programs are fast and flexible and specifically geared towards smaller companies.
Why Work with an Alternative or Online Lender in Wyoming
More and more small businesses are turning to alternative and online lenders for their financial needs. Banks are hesitant to loan to small companies and focus instead on large corporations. But when partnering with an alternative or online lender, you get a more hands-on and interactive approach. They take a big picture of your company versus fixating on one number or score. And they get you the money fast. Many online lenders will fund your company within 2 to 3 days of application.
First Union Lending is Here to Help
On National Wyoming Day, or any day for that matter, we are here for small businesses – from Laramie to Cheyenne. We offer short-term loans, SBA loans, and equipment financing, among other loan types. And for those whose credit score may not be exactly where it needs to be, we still have options available. We want to work with you. That is the bottom line. We will get you the cash you need right now, not weeks or months from now. Call today, and let’s get started.