Cheyenne, Wyo. – Small Business Association (SBA) loans are loans that are quote “partially guaranteed by the federal government.”
According to a lending tree study in 2024’s fiscal year, 120 businesses in our state secured more than 70 million in SBA loans, averaging $585-thousand dollars each the 9th highest average in the nation.
LendingTree’s Chief Credit Analyst Matt Schulz says we’re in a pretty good place for new businesses.
Schulz says, “there’s plenty of room for growth there’s plenty of opportunity for small businesses in Wyoming to take advantage of these tools.”
Speaking with Cheyenne Chamber of Commerce President/CEO Dale Steenbergen, he tells me our economy is based on small businesses, saying while they do bring money into our community, they also play a deeper role.
Steenbergen adds, “they are the folks that sponsor your kid’s soccer team they are the ones that sponsor the great nonprofits, and they are engaged in their community.”
“We are based on free enterprise, and small business is the essence of free enterprise,” says Steenbergen, adding if we figure out how to grow and nurture them… it could lead to positive things.
Steenbergen states, “if we all want prosperity and we all want things like our kids to be able to stay here and have good jobs these small businesses are the key to that.”
In addition, Schulz says “SBA loans are more than just funding. They’re lifelines for small businesses in Wyoming.”
You can see the full research and report from LendingTree here.
