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Report to Wyoming
Small Business Administration of Wyoming
Jul 13, 2023
Amy Lea, District Director for Wyoming's Small Business Administration, discusses the resources available to small business owners in Wyoming, including government contracting opportunities and financial assistance through SBA loans. They also explore the impact of local businesses on communities and the criteria for defining a small business in different industries.
30:18
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Quick takeaways
- 35% of businesses in Wyoming make it past 10 years, indicating a significant number of businesses survive in the long-term.
- The Small Business Administration in Wyoming offers various resources and programs, including business training, leadership development, and access to funding opportunities.
Deep dives
High Rate of Business Failure in Wyoming
Wyoming ranks number 13 among states with the highest rate of business failure, with 23.5% of businesses failing within their first year. Additionally, over 50% fail within the first 5 years and 65% fail within 10 years. However, it is worth noting that 35% of businesses make it to 10 years, and a significant number of businesses survive past their first year.
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