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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.
The Small Business Administration (SBA), a federal government agency, has a program where it partly guarantees small business loans that are serviced by private lenders. These are popular because they often have relatively low interest rates, although the application process can be intense.
When approved for a line of credit, your business can make purchases on credit up to a pre-agreed limit. You then pay down the balance spent, plus interest, over time.
If approved for a term loan, a lender provides your company with a lump disbursement up front that you can spend. You then pay back the loan amount, plus interest and fees, in monthly installments for several years.
In an equipment financing situation, you can start using needed equipment immediately and pay it off after in installments.
When you have many outstanding invoices owed to your business, you can receive a loan based on the amount of unpaid invoices by applying for accounts receivable financing.
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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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
Once you choose a card, you can get approved in as little as 7-10 days.
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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