Written by Tetiana Sitiugina-Babiuk - Independent writer and content strategist, updated on 9/10/2021
|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.
The organization is devoted to helping small businesses throughout the state to reach their full potential through new business loans, business expansion loans, equipment loans, new construction loans, inventory lending, and more. Any emerging, expanding, or existing “non-sin” business in the state of Wisconsing and some Minnesota counties is welcome to apply.
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
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:
- SBA loans. Summit Credit Union offers loans backed by the SBA government program, which are specifically designed to support entrepreneurs who might have a hard time finding affordable financing.
- Term loans. Fixed-rate term loans with flexible collateral options are available to help Wisconsin-based entrepreneurs fund business equipment, vehicles, office furniture, and more.
- Investment property loans. The union offers several financing options for non-owner occupied buildings, including apartment buildings, office buildings, single-family homes, and mixed-use properties.
- Other loans. Summer Credit Union also offers real estate and commercial construction loans, business lines of credit, and more.
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.
If you are running your small enterprise in an economically distressed or rural area of Wisconsin you may qualify to apply for the 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 Providers
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%