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.

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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.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

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FAQs

What other resources are available to Wisconsin small businesses?

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.

What Wisconsin small business grants are available?

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.

What do I need to qualify for a loan in Wisconsin?

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.

Which loan is right for my Wisconsin business?

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.

How can a Wisconsin business loan help my business?

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.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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