Best Small Business Loans in Wisconsin

Top 5 Wisconsin Small Business Loan Options

Below we list 5 of the best small business loans in Wisconsin. 

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. 

Summary of Top 5 Wisconsin Small Business Loan Providers

Top Online Wisconsin Small Business Loan Options

If you cannot find a local financial lender in Wisconsin to assist with your required capital, you can look at these online loan providers. Online financial lenders have often come to the rescue of many small enterprise owners, especially if they did not manage to secure a loan with local lenders.

1. BlueVine

Blue Vine offers a very convenient invoice factoring loan option. You can apply for up to $5 million, and your credit score does not impact the amount you qualify for. This option is best used for short-term bridge financing. However, this can also be a great long-term option that improves with time as the relationship grows. 

BlueVine offers an effortless online application, and you will receive an answer within 24 hours. 

2. Fundera

Fundera is a very comprehensive lender that provides you with everything you could require to manage your business’s finances. This includes accounting software, payment systems as well as loans.

Fundera offers the best business loan rates as they collaborate with many different lenders. You do require a credit score of 550 to apply for this loan. Fundera is suitable for long-term planning and emergency goals.

3. Fundbox

Fundbox offers two different types of small venture loans. They offer lines of credit, and once you are a long-standing client, you can also apply for term loans. You do need a credit score of 550 to apply for a loan with Fundbox.

You can easily apply for a Fundbox loan and can receive up to $150,000 in pre-approved credit to use for your new enterprise. Fundbox also offers excellent software and customer service to make building a relationship with the lender easy.

4. Square Capital

Square Capital is another complete payment solution for small and medium-sized businesses. They also offer POS systems and hardware solutions, and once you are an existing client with them, you can apply for a small enterprise loan. 

With Square Capital you can quickly check the app daily to see how much money you qualify for and access these offers immediately. With Square Capital, your approved credit grows along with your business, and your credit score does not affect your loan amount.

You can receive up to $300,000 in pre-approved credit to use for your business. They also offer a repayment period of 18 months.

Additional Wisconsin Small Business Financial Resources

Wisconsin offers many other financial resources to support the small businesses in the state. In some instances, entrepreneurs would prefer financial options that they do not need to pay back. That is where resources such as grants come into play.

Let's look at a few of the best Wisconsin small business grants. 

1. Specialty Crop Block Grant Program

Agriculture is an essential sector in Wisconsin's economy. The Speciality Crop Block Grant Program is an ideal option if you operate within this sector. The preferred crops consist of tree nuts, fruits, nursery crops, vegetables, and turf-type grasses.

These grants range from five to six figures.

2. New Markets Tax Credits

New Markets Tax Credits are intended to spur job growth and investment in low-income communities in urban and rural areas. This project is a nationwide effort but is specifically a good fit for small businesses in Wisconsin. This program finances businesses through WHEDA (see more on them above) that provide tax credits if you meet certain requirements.

3. Workforce Training Grants

The Workforce Training Grants are an effort to help support small enterprises that attract, develop and retain skilled employees. They provide grants specifically for employee training. This grant focuses on training in technology, industrial skills, manufacturing, and business leadership development.

Businesses that receive this grant will need to provide their own training programs that are not currently available in Wisconsin. 

Other Resources for Wisconsin Small Businesses

In some cases, your small enterprise can benefit significantly from other resources that are not just financial. This includes training seminars, networking sessions, and business consultations. And since small enterprises are such a vital part of the Wisconsin economy, they provide many options for businesses to learn and grow. Below are a few of these resources.

1. The Heart of Wisconsin Entrepreneurial Boot Camp

This boot camp is an intensive training program for new entrepreneurs. This boot camp aims to provide training on basic skills necessary to launch and expand a small venture; They also aim to provide a new network of business owners and different support services. 

2. Central Wisconsin SCORE

This chapter of SCORE offers free and confidential business advice and counseling for each business. This can be an extremely valuable source of support from industry experts. 

They also offer training workshops for a small fee.

3. The U.S Small Business Administration (SBA)

The Small Business Administration aims to help new small business owners launch or expand their new venture. They assist with drawing up a business plan, marketing plan, and financial management plan.

The Bottom Line

Wisconsin offers many different financial and business resources to the many small ventures in the state. You can easily apply for a Wisconsin small business loan through any of the above institutions. We have provided a range of local and online lending options, so you are sure to find one that meets your small enterprise’s needs.

There are so many options available to small business owners in Wisconsin.