|At a glance —Wisconsin has a thriving entrepreneurial community. Wisconsin has over 450,000 small enterprises and offers employment to about 1.3 million people. The average loan amount for new businesses in Wisconsin is $82,306, just slightly above the national average. This makes Wisconsin one of the best states to get a business loan.|
Top 5 Wisconsin Small Business Loan Options
Below we list 5 of the best Wisconsin small business loans.
1. Impact Seven
Impact Seven is a Community Development Financial Institution (CDFI). They specialize in providing capital to new ventures in Wisconsin that may not get business capital through other means.
Impact Seven gets its funds from public and private sources and provides direct loans between $10,000 and $5 million.
2. Wisconsin Women's Business Initiative Corporation (WWBIC)
The Wisconsin Women's Business Initiative Corporation is an excellent option for small enterprises in Wisconsin. However, their focus is to support ventures run by women and other minority groups and applicants from lower-income brackets. This is not a strict requirement, and all new businesses can apply.
The WWBIC is the state's largest microlender and also offers other financial resources and support. Applicants can apply for loans up to $250,000 and are guided through the application process.
3. Summit Credit Union
Summit Credit Union is based in Madison and is the union with the most SBA 7(a) loans approved in the whole state. They have a solid track record, making them the leading credit union for SBA loans in Wisconsin.
You can apply for various financial programs through Summit Credit Union, including business lines of credit, term loans, and SBA loans.
4. Wisconsin Housing and Economic Development Authority (WHEDA)
The Wisconsin Housing and Economic Development Authority provides financial assistance to small businesses and farms in rural and urban Wisconsin. Their goal is to stimulate growth in these businesses as well as creating and maintaining living-wage jobs.
WHEDA pairs with private and public lenders through its Participation Lending Program. Through this program, they can provide capital access to Wisconsin micro businesses.
Applicants can apply for up to $2 million in capital through this program. They also offer unique resources for those businesses in the agriculture sector.
5. Wisconsin Economic Development Corporation
If you are running your small enterprise in a rural or economically distressed area of Wisconsin you may be able to take advantage of Wisconsin Economic Development Corporation's Business Development Loan Program. These loans are meant to help entrepreneurs in rural areas who do not have access to other sources of capital.
With the Wisconsin Economic Development Corporation, entrepreneurs can apply for a small business loan between $100,000 and $250,000 for a term up to 84 months.
See below a summary of the above information.
Summary of Top 5 Wisconsin Small Business Loan Provider
Maximum Loan Amount
7 - 11 years
5 - 6%
Wisconsin Women’s Business Initiative Corporation
6 - 7 years
5.5 - 9%
Summit Credit Union
6 - 11 years
5.5 - 9%
Wisconsin Housing and Economic Development Authority
5 - 7 years
5 - 6%
Wisconsin Economic Development Corporation
5.5 - 9%