Customized Incentives
LEDC understands that each business not only offers unique advantages to the community, but has unique needs and requirements as well. Therefore, the staff at LEDC are willing to work with interested businesses on a one-on-one basis to develop specific incentives based on primary job creation. Below you will find some of the basic incentives for doing business in the great State of Wyoming.
Federal
Rural Enterprise Business Grants
The USDA offers its Rural Development programs to non-metropolitan areas, such as Laramie, to assist with business growth and development.
State
Tax Structure
Wyoming is a tax haven. We have no personal state income tax, no corporate state income tax and no inventory tax. These result in huge savings to businesses compared to other states in the country.
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 maximum project is $10,000,000 and the business must provide a bank "letter of credit" to guarantee payment of the bonds. Interested businesses must apply for an allocation within the State's volume cap.
Challenge Loan Fund
The Wyoming Partnership Challenge Loan Program provides low-interest loans to community development organizations that, in turn, match these funds and make low-interest loans. The funds may also be used to purchase participations on loans originated by commercial lenders. Interest rates on these loans are generally fixed for the first five years and may be as low as 5%. The maximum loan amount per business is $250,000. The Wyoming Business Council administers these funds.
Community Development Block Grants
Provides grants to local governments for community and economic development projects. This Program makes convertible loans based on job creation as well as other tools that may assist businesses. The Wyoming Business Council administers this program and approves grant recipients for the money issued to Wyoming.
Business Ready Community Grant & Loan Program
The Business Ready Communities program can provide financing for publicly owned infrastructure that promotes economic development within Wyoming communities. Projects may include direct job creating projects where a business has committed to locate or expand in a community.
Trade show Incentive Grants
The Wyoming Business Council offers a matching grant program to assist businesses with trade show marketing.
Workforce Training Grants
The Wyoming Department of Employment offers grants to assist employers in training employees. Employers may be eligible to receive up to $4,000 towards training for each new position created in Wyoming.
Training Programs
The Wyoming Business Council, the Department of Workforce Services and the Wyoming Community College Commission have partnered to improve workforce development training to companies doing business in Wyoming by licensing Georgia's Quick Start Program.
Wyoming has also licensed the Supervisory and Leadership Training programs from Development Dimensions International (DDI). The DDI curriculum in professional and leadership development can be delivered in half-day, full-day or multi-day formats to meet your company's time frame and training needs.
Local
Revolving Loan Fund
LEDC offers a revolving loan fund as a means of gap financing for new and expanding businesses.