SBA Wyoming District Office Newsletter – December 2021

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Wyoming District Office  

u s small business administration

SBA Wyoming District Office Now Accepting Nominations for National Small Business Week Awards

Illustration of a trophy with the following text, 2022 National Small Business Week Awards. Now accepting nominations. Visit sba.gov/nsbw

The SBA Wyoming District Office is accepting nominations for its 2022 small business awards. Previous Wyoming winners include Bairco Construction, Rex Specs, Backwards Distilling and others.

These annual awards recognize the achievements of SBA-assisted small businesses and the contributions they have made to their communities and Wyoming’s economy.

To nominate a Wyoming small business, please visit sba.gov/nsbw and scroll to the Wyoming column. Those with questions should email Jordan Belser, Public Affairs Specialist at jordan.belser@sba.gov.

The categories are as follows:

Small Business Person of the Year
Criteria: Individual or partners who own a small business, which has increased sales, profits and employees, and have been in business for three years. Business must have received Small Business Administration assistance.

Exporter of the Year
Criteria: Small business which has increased sales, profits and/or employees due to exporting and been in business for three years.

Spirit of Wyoming Award
Criteria: Presented to small businesses that demonstrate potential for success in the areas of growth in number of employees, increase in sales, steady growth of company and innovation and imagination in product/services. The nominee should also demonstrate the “Spirit of Wyoming” with contributions to their local community and a demonstrated spirit of volunteerism and community involvement.

The deadline for submissions is January 11, 2022. 

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Wyoming District Office Presents Annual Lender Awards

CASPER, WY – The U.S. Small Business Administration (SBA) Wyoming District Office and the Wyoming Small Business Development Center (SBDC) Network partnered to host a virtual awards ceremony for Wyoming’s top SBA lenders on Nov. 23, 2021 at 10:00 a.m. The event also served as a reminder for Wyomingites to participate in Small Business Saturday and featured a first look at the Community Navigator Pilot Program.

The awards presented were as follows:

  • Wyoming Lender of the Year – Bank of Bridger
  • Wyoming Rural Lender of the Year – Bank of Bridger
  • Wyoming 504 CDC Lender of the Year – Mountain West Small Business Finance

Fiscal year 2021 loan data was also announced. For the SBA’s flagship 7(a) program, Wyoming lenders achieved 106 loan approvals totaling just over $62.2 million dollars, of which approximately $44.6 million or 71% were to businesses in rural communities.

For the 504 program, which is a partnership between Certified Development Companies, participating lenders and SBA, Wyoming lenders achieved 31 loan approvals totaling over $16.4 million dollars.

SBA’s microloan program, administered by the Wyoming Women’s Business Center, achieved 15 microloans totaling $178,798.

Regarding the Paycheck Protection Program (PPP), Wyoming lenders achieved 12,619 loans totaling $620,039,535 dollars.

obstacles

Biz Tip: Obstacles to Starting a Business

The biggest hurdle that I have seen for small businesses wanting to get started is finding funding. This obstacle is different for every business as some businesses (such as service businesses) don’t require as much initial investment to get going. In contrast, asset rich businesses are more likely to need a larger initial investment. Having a complete and thought-out business plan with accurate numbers to accompany it will go a long way to show a potential investor that the business has a worthwhile earning potential...

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Upcoming Trainings

Dec. 8: New COVID-19 Safety Requirement for Government Contractors (Presented by the Wyoming SBDC Network)

Federal contractors are scrambling to understand-and meet-the new COVID-19 safety requirement. Covered contractor personnel are to be fully vaccinated by Jan. 4, 2022. As the updated Task Force Guidance says, federal government contractors who fail to make a good faith effort to meet the requirement could face consequences-including terminated contracts. Join NW TX PTAC at no charge for this timely and virtual webinar to learn more. Register here.

Dec. 16: PTAC Lunch and Learn: Working with the US Forest Service 

Join us for an informational session on working with the US Forest Service as a vendor/supplier. Register here.

Dec. 21: Seven Options to Access Money for your Small Business (Presented by the Wyoming Women's Business Center)

We all know that small businesses need money to start or expand and grow. How do you determine the best funding options for your business? In this webinar, you’ll learn the top 7 funding sources available and what you need to consider for each. From bootstrapping to venture capital, this 30-minute webinar will explain the landscape of funding for small businesses in Wyoming and help you plan your next step! Register here.

Dec. 28: Ready to Start a Business? (Presented by the Wyoming Women's Business Center)

If you’ve sought advice on starting a business, the typical first recommendation is to write a business plan. In this FREE webinar, we’ll introduce our DreamBuilder program and explain how WWBC can support you through the journey of developing a viable business plan and successfully launching your business. Don’t miss this opportunity to take the first step toward making your dream a reality! Register here.