Wyoming Business Tips for May

An occasional look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.

By Kenny Overby, regional director, Wyoming SBDC Network

May is International Export Month. As we celebrate this important time, many of our Wyoming exporters are discovering the invaluable resources offered by the Wyoming SBDC Network, UW and the Wyoming Business Council. We’re especially grateful for our amazing resource partner, Export-Import Bank of the United States (EXIM), which helps alleviate the financial risks associated with exporting.

Alexis Bascombe, business development specialist at EXIM, elaborates on this opportunity.

“Did you know that 95 percent of the world’s consumers are located outside of the United States? For businesses, that represents a huge opportunity to expand and reach new markets around the globe,” Bascombe says. “Within the last several years, more than 400 businesses in Wyoming have exported over $2.2 billion worth of goods. EXIM is proud to help some of these businesses as they navigate the uncertainties and risks associated with exporting. EXIM is the nation’s official export credit agency with the mission of supporting American jobs by facilitating the exports of U.S.-made goods and services.”

What does this mean for your business? It means that Wyoming’s businesses are already finding success in exporting, and you could be, too. Sometimes the fear of the unknown, especially when it comes to getting paid by buyers overseas, can be scary. But it doesn’t have to be. EXIM offers a wide range of support options, including:

-- Export credit insurance covers international receivables and can protect against the risk of not getting paid; allows businesses to offer attractive credit terms; and expands a company’s borrowing base.

-- Working capital loan guarantees helps U.S. exporters unlock cash flow to fulfill export orders on international sales contracts.

-- Loan guarantees assist credit-worthy foreign buyers in obtaining loans to finance the purchase of U.S.-made capital equipment.

-- Direct loans help companies secure financing for their international buyers.

The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2024, the Wyoming SBDC Network helped Wyoming entrepreneurs start 46 new businesses; support 1,870 jobs; and bring a capital impact of $2.9 million to the state. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. Small Business Administration.

To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu, or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.

For more information, go here.