WY Incentives | Finance, Loans, IRB, Workforce Development

A comprehensive list of Wyoming financial aid, loans, grants, abatements, workforce development, exemptions, funds & capital investment opportunities.


https://businessfacilities.com/2016/03/wy-incentives-and-workforce-development-guide/
A comprehensive list of Wyoming financial aid, loans, grants, abatements, workforce development, exemptions, funds & capital investment opportunities.
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Wyoming Incentives and Workforce Development Guide

WY Incentives | Finance, Loans, IRB, Workforce Development

For a list of Wyoming economic development agencies that can help with the site selection process, visit our Online Site Seekers’ Guide.

 

FINANCING & GRANTS

Value-Added Agriculture Loan: Wyoming producers, producer groups and agribusiness entities may work with their lender to apply for the Value-Added Agriculture Loan. The bank is the applicant and the producer, producer group or agribusiness entity is the beneficiary. Funds may be used for machinery, equipment and facilities necessary in the processing or packaging of an agricultural commodity. Funds may not be used to finance working capital, for production-related expenses or to refinance existing debt. 

Business Ready Community Grant & Loan Program: Can provide financing for publicly owned infrastructure that promotes economic development within Wyoming communities and provides publicly owned infrastructure that facilitates a specific business’ needs. Cities, towns, counties and joint powers boards are the primary applicants for the program. The maximum awards are $3 million and require a 5-10% match.

Community Development Block Grant (CDBG) Program: Provides grants to local governments for community and economic development projects; administered by the Wyoming Business Council.

Economic Development Large Project Program: The Wyoming State Treasurer is authorized to originate large loans for the benefit of Wyoming businesses. The loans may finance the purchase, construction and installation of buildings or equipment that will add economic value to goods, services or resources within the state. Loans cannot be used to fund past business or construction expenditures and not serve as a refinance mechanism. Loan terms are determined by the economic benefit to the state and the financial capacity of the business to service the debt; minimum loan amount is $5,000,000. The applicant must contribute at least 25% of the requested loan. Applicants must simultaneously submit an application to the Governor, State Treasurer and the Wyoming Business Council.

Industrial Development Revenue Bonds: Cities and counties may issue tax-exempt industrial development revenue bonds to provide financing for manufacturing and energy generation businesses. These bonds are issued within the State’s IRS allocation of tax-exempt bond financing. The business must provide a bank “letter of credit” to guarantee payment of the bonds. Interested businesses must apply for an allocation within the State¹s volume cap. The Wyoming Business Council will coordinate this process. 

Small Business Investment Credit Program: The Wyoming Small Business Investment Credit (SBIC) program is designed to facilitate access to an alternative source of financing for Wyoming small businesses and entrepreneurs. Through this program, qualified businesses can obtain capital in the form of debt or equity financing.

Wyoming Partnership Challenge Loan Program: The Wyoming Business Council can participate with a local lender on a loan to a business. The State’s portion of the participation maybe up to 35% of the project (maximum $1,000,000) in a shared note and collateral position with the local lender. Participation can be increased to 50% of the loan or $2,000,000 if the lender has secured a federal guarantee (i.e., SBA, USDA) to guarantee repayment of a loan made to a business.  This program can also be used for facade improvements, partnerships with local economic development organizations, and natural gas infrastructure(s). 

Kickstart: Wyoming Grant Program: Kickstart:Wyoming provides $5,000 to $50,000 grants to Wyoming startups with a globally unique product or service, fewer than 50 employees, a scalable business targeting a large market and potential for exit via initial public offering or acquisition. Startups must commit to maintaining a meaningful nexus in Wyoming and seeking additional private investment. The companies must also have potential to provide an economic return to the state of Wyoming through job creation, an expanded tax base and diversification of the state’s economy.  

SBIR Matching Grant Program: The SBIR Phase I and II matching program, which provides matching funds for Wyoming companies who have recently received federal funds through the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs, intended to help small businesses conduct research and development (R&D) in specific areas defined by federal agencies with potential for commercialization.  

The Historic Architecture Assistance Fund: Provides the service of architects to the owners of historic buildings to address issues involved with the rehabilitation and use of such properties.

Placemaking: Placemaking is a multi-faceted approach to make your community a better place to live, work, and play by transforming underutilized public spaces into vibrant community places.

Farm Wall Specialty Crop Grant: The Business Council and the Wyoming Department of Agriculture offer grants up to $1,450 to purchase, install and educate the public about farm walls. A 25% cash match is required.

Broadband Development: Provides grant money and expertise for enhancing broadband access in rural communities.

 

MARKETING ASSISTANCE

The Wyoming Business Council offers marketing help through several programs:

Cooperative Advertising: The Business Council offers economic development groups and businesses the opportunity to join cooperative advertising in national publications.

Cooperative Marketing Program: The Business Council secures booth space at trade and selling events to share, at minimum cost, with Wyoming businesses and local economic development groups.

Marketing Consulting/Media Training: Consulting and training helps Wyoming businesses fine-tune their marketing and public relations efforts to reach their target audience.

Trademark Licensing Program: The Business Council has an agreement with the Secretary of State to use the Bucking Horse and Rider logo to promote Made in Wyoming products.

Trade Show Incentive Grant Program: Encourages state businesses to promote and sell their Wyoming-made products to statewide, national and international audiences with reimbursable grants to help offset the costs of the trade events. 

Made in Wyoming Program: Assists Wyoming companies with the identification and promotion of their Wyoming-made products and services. Participants can use “Bucking Horse and Rider” design stickers and hang tags and have their companies featured in an annual catalog and on the program website.

Wyoming Market Research Center (WMRC): Provides low- to no-cost market information to Wyoming businesses including competitive analysis, marketing lists, custom demographic and psychographic analysis, industry trends, government regulations, geographic information services, marketing material evaluations and original research.

 

TAX INCENTIVES

Wyoming has:

  • no corporate state income tax,
  • no personal state income tax
  • no inventory tax
  • no franchise tax
  • no occupation tax
  • no value-added tax.

Data Center Sales Tax Exemption (originally passed in 2010, amended 2011): Requires a $5 million investment in capital infrastructure (building, walls, engineering, dirt work, etc.) in a Wyoming location in addition to a $2 Million or larger investment in data center equipment (servers, peripheral equipment and data center containers) and software purchases. If these thresholds are met the sales tax burden on the qualifying computer equipment is exempt. This exemption can be applied if the data center invests $2M in equipment a calendar year in the future. In 2011, the Wyoming State Legislature added another tier requiring a $50 million capital infrastructure level. This tier also requires the $2 Million in data center equipment purchases. At this tier the qualifying exempt equipment also includes uninterruptible power supplies (UPS), back-up power generation, specialized heating and air conditioning equipment and air quality control equipment.

Manufacturing Sales Tax Exemption: The sales tax burden is exempt on the sale or lease of machinery to be used in the State of Wyoming directly and predominately in manufacturing tangible personal property.

Sales Tax Exemption on Electricity Used in Manufacturing: The sales tax burden is exempt on sales of power or fuel to a person engaged in the business of manufacturing, processing or agriculture when the same is consumed directly in manufacturing process.

 

WORKFORCE DEVELOPMENT

Workforce Training Grants (WDTF): Created by the 1997 Wyoming Legislature and administered by the Wyoming Department of Workforce Services, it assists new and existing industries in the state with the training needs of newly hired or current employees.

 

OTHER INCENTIVES

Data Center Permit Exemption (passed 2011): A mega-data center project, which exceeds $178.3 Million in capital investment, would be exempt from the requirement of applying for an Industrial Siting Permit through the Wyoming Department of Environmental Quality. This presents a cost savings of approximately $500,000 associated with permit application preparation, wildlife studies, economic analyses, public meetings, permit hearings, attorney fees, etc.

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