Small Business Loans & SBA Loans in Wisconsin
With beautiful natural settings and a bountiful economy, Wisconsin can be a cozy home for your business—and a business loan can help you succeed there.
Types of Wisconsin Business Loans
With beautiful natural settings and a bountiful economy, Wisconsin can be a cozy home for your business—and a business loan can help you succeed there.
SBA loans
SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.
Line of credit
Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.
Term loan
Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.
Equipment finance
With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.
Accounts receivable financing
Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.
Local Wisconsin Loan Options
Several organizations service loans to small businesses that set up shop in the Badger State.
Summit Credit Union has a wonderful suite of commercial lending products and serves the entire Badger State.
The Wisconsin Economic Development Corporation offers loans to small businesses in Wisconsin, especially in rural areas, as part of its Business Development Loan Program.
The WWBIC is Wisconsin’s largest microlender providing loans to small businesses up to $350,000.
Impact Seven is a non-profit Community Development Financial Institution that provides business loans from $10k to $5M.
Nicolet National Bank has several locations throughout the state offering SBA loans.
As an SBA lender, Wisconsin Bank & Trust offers business owners favorable terms and local decision-making.
Associated Bank is one of Wisconsin’s top SBA lenders. It offers SBA Express loans, SBA 7(a) loans, and SBA 504 loans.
Community State Bank serves small businesses across Wisconsin. It offers several loan products including business term loans, business lines of credit, SBA loans, and more.
Hiawatha National Bank was founded in Wisconsin and now serves customers from its seven branches in the region. The bank offers several loan products including business lines of credit, equipment loans, SBA loans, and more.
Although it’s based in Minnesota, Citizens Community Federal Bank serves customers across Wisconsin as well. It offers several loan products including SBA 7(a), SBA 504, and SBA Express loans and was Wisconsin’s top SBA lender in 2021.
With underwriting and eligibility handled mostly in-house, People’s State Bank is a preferred SBA lender in Wisconsin. It offers SBA 7(a) and SBA 504 loans.
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Recommended Next Reads
Read experiences from Wisconsin business owners.
Italia Hayward
Lisa Pajac was working as a civilian for the Navy, stationed in Italy managing a bowling complex. When the government shutdown limited the amount of hours she could work, she realized it was time for a change. Her father helped her find a restaurant for sale in Hayward, Wisconsin, and they both knew it was the one. Her and her husband, Rick, researched the area and developed a thorough business plan that they referred to many times during the start-up process. Using her retirement funds and a loan from the bank, she bought the business and started Italia.
One day, Lisa was looking for capital funding companies online and found Lendio. After signing up through Lendio’s easy online portal, she was matched with Jon Klevin, her loan specialist. “I loved Lendio, when I had to submit documents, it was frustrating, but they walked me through the whole thing. Jon Klevin was fantastic, he was helpful through the whole process, and very encouraging. I would absolutely recommend Lendio to a friend” Lendio was able to get her a loan to cover the cost of the repair and consolidate her loans.
Now, Lisa’s restaurant continues to flourish. “We’ve made such a difference here in Hayward, there is no Italian restaurant in a 100 mile radius. People come from Chicago, Milwaukee, all around. They’ve been waiting for something like this, and that’s what keeps us going: making these people happy, every single day.”
You can find Lisa’s restaurant at italiahayward.com. To get started with Lendio, click here to see all of your small business loan options.
FAQs
Several state agencies joined up to launch the easy-to-use One Stop Business Portal for Wisconsin companies, so check that out first. If you are looking to connect with potential angel investors, you should contact Wisconsin Investment Partners. Along with small business financing, Wisconsin Economic Development also provides networking, education, and mentorship initiatives for entrepreneurs.
A partnership with the University of Wisconsin, the Entrepreneurial Training Program provides a business course and a small grant for new business owners to get off the ground. With a great business plan, you can apply for a Business and Commercialization Microgrant from the Center for Technology Commercialization. The state also provides International Market Access Grants for companies working in the exports industry.
To qualify for loans, your business needs to be legal in Wisconsin. Select a corporate structure and register with the Wisconsin Department of Financial Institutions, if needed. You might also need licenses depending on your industry. Once legitimate, you can apply for business loans. To qualify for approval, you should have a detailed business plan, an accurate financial history of your company, and a good personal credit score.
When comparing business loans, focus on two factors: how the funding can help your company grow and how capable your business is of repaying the loan. Some forms of financing are better for a quick infusion of cash. Others are more specialized, such as equipment financing. On the other hand, you should consider how much a loan will cost you every month. By balancing these two questions, you can find the right loan for your business. Lendio’s online platform makes comparing your options a breeze.
Wisconsin has a low cost of living, but is positioned as a gateway to much of the Midwest. Dollar for dollar, a loan can theoretically help your business go further than in a more expensive state. With a great economy, as well as easy access to the Great Lakes, Chicago, and Canada, Wisconsin is an amazing home for small businesses, and a loan can help you get started.
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