For a list of Wyoming economic development agencies that can help with the site selection process, visit our Online Site Seekers’ Guide.
UPDATED 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.
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FINANCING & GRANTS
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 businesses needs. Cities, towns, counties and joint powers boards are the primary applicants for the program. The typical maximum award is $1.5 million with a 10% match.
Community Development Block Grant (CDBG) Program: Administered by the Wyoming Business Council, it provides grants to local governments for community and economic development projects and makes convertible loans based on job creation as well as other tools that may assist businesses.
Data Center Infrastructure Grant Funds (passed 2011): A $15,000,000 appropriation to assist Wyoming cities, towns and counties to build necessary public infrastructure for the recruitment and operation of data centers.
Economic Development Large Project Program: The Wyoming State Treasurer is authorized to originate large loans or loan guarantees 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 or loan guarantees 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. The applicant must contribute at least three times the requested loan or loan guarantee. Applicants must simultaneously submit an application to the Governor, State Treasurer and the Wyoming Business Council.
Farmers Market Promotional Grant: The Wyoming Business Council offers a $400 reimbursable grant for advertising and promotional materials to Wyoming farmers markets that can be used by a local Wyoming government agency, a Wyoming association, a Wyoming nonprofit organization (e.g., Chamber of Commerce) or a Wyoming Producer Association that conducts a farmers market.
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.
Managed Data Center Cost Reduction Grant Program (Passed 2009): It is a $2.25 million maximum grant that can be used to reimburse accrued utility expenses for power and/or broadband over three years. In exchange for providing these reductions in costs, the applicant (a Wyoming city, county, joint powers board) shall contract with the business to receive direct benefits and indirect economic development benefits including any combination of the following: a specific amount of capital investment from business, a specific minimum payroll created by the business, and/or the provision of discounted IT services.
Organic Certification Reimbursement Program: Funded by the U.S. Department of Agriculture, in conjunction with the Wyoming Business Council, it is designed to help Wyoming processors with the costs associated in becoming organically certified. Grants are available for Wyoming farms/ranches (organic producers).
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.
Small Business Non-Profit Energy Audit Program: A matching grant that provides for a level 2 energy audit up to a maximum of $2,500. A Level 2 Energy Audit will include quantification of energy users and losses through a detailed review and analysis of equipment, systems and operational characteristics. After the energy audit is conducted, the remainder of the grant may be used to pursue energy retrofits identified in the audit. Retrofit and audit funds are up to a maximum total of $5,000 with a 50% reimbursement. Manufacturers may use the audit to qualify for a sales tax abatement on the energy used in the manufacturing process.
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 $500,000) in a shared note and collateral position with the local lender. Participation can be increased to 50% of the loan or $1,000,000 is the lender has secured a federal guarantee (i.e., SBA, USDA) to guarantee repayment of a loan made to a business.
Sales are directly tied to marketing Wyoming companies’ services and products. The Wyoming Business Council offers help through several programs.
Cooperative Advertising: The Business and Industry Division 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 WY 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.
Trade Show Incentive Grant Program: Encourages state businesses to promote and sell their WY-made products to statewide, national and international audiences with grants to help offset the costs of the trade events. It is a reimbursable grant; and as such, the applicant must pay all expenditures before the grant award can be disbursed. The business shall function independently in performing this activity and shall assume sole responsibility of any debts or liabilities that may be incurred in regard to this trade event.
Wyoming First 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 a catalogue and a 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.
- 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 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. Grants are available for up to $4,000 per trainee.
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.