Find small business support in Upton
9 Mar 2023
Small businesses are the driving force behind well-paying jobs, dynamic business growth and overall quality of life in communities nationwide. The Upton Economic Development Board (UEDB) recognizes this importance and seeks to facilitate the necessary assistance the owners, leaders and entrepreneurs of these entities face. Additionally, several state and national organizations focus on small business assistance in the Upton area.
Wednesday, March 15, is #SBDC Day, a national proclamation by America’s Small Business Development Centers (SBDC) regarding their impact on the success of America’s small businesses. More than 1,000 SBDCs nationwide comprise a comprehensive small business assistance network hosted by leading universities, colleges, state economic development agencies and private partners. A portion of their funding comes from the United States Congress through a partnership with the U.S. Small Business Administration.
The Wyoming SBDC in the Energy Capital Enterprise Center in Gillette serves Weston County and is available to small business owners and entrepreneurs for free face-to-face business consulting and at-cost training on various topics. Contact business advisor P.J. Burns at (307) 682-5232.
#SBDC Day will be celebrated with social media campaigns, public relations initiatives and other online events. Get in on the celebration by using the hashtags below in your communications.
Other local assistance
A recent U.S. Department of the Treasury announcement indicated Wyoming was one of four states designated to receive funding as part of the State Small Business Credit Initiative. The funding will support small businesses and entrepreneurs while improving access to necessary capital. Wyoming specifically was approved for nearly $60 million for two programs. One will provide limited partnership investments in Wyoming-based seed/early-stage venture capital funds. A second will focus on equity co-investments in Series A or growth-stage technology companies in the state.
Two new loans facilitated through the Wyoming Business Council are designed to assist small businesses. The Contract Financing Loan program intends to help Wyoming businesses take on larger orders by financing necessary raw materials. The Succession Financing Loan is designed to help transition ownership of an existing Wyoming business at least seven years old. Other startup resources, financing and advisors the Wyoming Business Council provides can be found here.
Federal grant funding
While local institutions can help understand what financial assistance may apply to your business or idea, you can be part of the development of grant programs with the U.S. Department of Commerce today.
The U.S. Department of Commerce's Economic Development Administration is seeking public input on how to craft the $1 billion Recompete Pilot Program. Initially authorized in 2022 as part of the CHIPS Act to address semiconductor production and manufacturing, the program will provide grant funding to help create good jobs in distressed communities nationwide.
The Recompete Pilot Program will seek to support long-term economic development by helping reduce the high prime-age employment gap, defined as individuals aged 25 to 54. Of the $1 billion total, $200 million has been made available through a Request for Information (RFI) published on February 23. The grant program will run from 2022 to 2026, with $20 million minimum grants. Program development is incomplete, and the Commerce Department seeks feedback on how the grant should work. The Federal Register RFI has detailed information for participants. Interested persons should submit comments to email@example.com by March 27, 2023.
The Commerce Department seeks input on another grant program, the $500 million Tech Hubs Program, designed to provide seed money to help build, plan and execute innovation-related projects nationwide. Input on how the grant program should be structured should be emailed by March 16, 2023, to firstname.lastname@example.org with “Tech Hubs RFI” in the subject line.
Contact the UEDB today!
The UEDB strives to bring economic vitality to the greater Upton area. Contact us to learn more about our services toward assisting with site selection for new businesses or helping existing businesses grow and thrive.
Contact us with questions or comments about this article.