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Delancey Street is a premier small business lender, based out of NYC, that has helped broker 100's of millions in business loans. They are a pro, at making sure you get all of your financing needs satisfied.
- Over $200 million in funding secured
- Can handle low risk credit
- Handles all industries
- Handles high risk and low risk loans
Milwaukee Small Business Loans: Fueling the Local Economy
If you’re an aspiring entrepreneur or a small business owner in Milwaukee, seeking financing is essential to realizing your business dreams. As we all know, the main challenge when starting a new business or maintaining one, is capital. If you’re unable to secure funding for your business, you may struggle, and that leads to misfortune; Watching your dream fade away, because of insufficient funds.
Fortunately, Milwaukee has several loan options through local banks, credit unions, and government programs that understand the particular needs of small businesses in the area.
Benefits of Milwaukee Small Business Loans
Local lenders who offer small business loans can provide benefits that large banks simply cannot match. Knowing that small businesses make up the backbone of the Milwaukee community, these financial institutions offer lower interest rates, less stringent requirements, more personalised service, while also reinvesting in the prosperity of the city’s economy.
Small business loans are a reliable source of funding for obtaining working capital, buying new equipment, hiring additional personnel, or expanding the size of the business. With this funding, small business owners can turn their dreams into reality, fueling growth in their communities.
Available Small Business Loans In Milwaukee
The following are the loan options available to small business owners and entrepreneurs in Milwaukee:
1. Wisconsin Women’s Business Initiative Corporation
The Wisconsin Women’s Business Initiative Corporation (WWBIC) offers special assistance to female entrepreneurs in Wisconsin. WWIBIC provides support services as well as five loan programs including microloans, start-up loans, franchise loans, and partnering with banks in offering SBA 504 & 7A loans. To access any of their loan options you need to apply online here: WWBIC Loans.
WWBIC Loan Details:
| Loan Name | Type of Loan | Maximum Loan Amount | Requirements | Interest Rates | Fees |
|---|---|---|---|---|---|
| WWBIC Micro Loan Program | Start-up | $100,000 | SBA collateral requirement applies, solid business plan | 6% – 12% | 3-4% origination fee |
| WWBIC Start-Up Loan | Start-up | $250,000 | A detailed business plan, Good Credit Score, and reasonable collateral | 5% – 7% | 2% origination fee |
| WWBIC Partner Loans (for traditional financing) | Start-up or expansion | Varies from bank to bank | What the partnering financial institutions require. | Varies from bank to bank | Varies from bank to bank |
2. WEC Energy Group Economic Development Loans
WEC Energy Group has an economic development program aimed at financing small businesses in Milwaukee. Their loans can be used for land acquisition, site development, building construction, renovation, and equipment purchases.
Eligible businesses must be involved in manufacturing or industrial use and are subject to meeting a variety of requirements. More information on those loan options can be found here: WEC Energy Group Small Business Loans
WEC Energy Group Loan Details:
| Loan Name | Type of Loan | Maximum Loan Amount | Requirements | Interest Rates | Fees |
|---|---|---|---|---|---|
| WEC Economic Development Loan Program | Land Acquisition, Site Development, Building Renovation, and Equipment Purchases | Varies per project | Applicant judgement, environmental review, local cooperation, resource availability, and a reasonable repayment plan | Varies per project | Negotiable per project |
3. Milwaukee Economic Development Corporation
Milwaukee Economic Development Corporation (MEDC) offers facility loans from $10,000 up to $5 million for eligible activities such as manufacturing, hotel, emerging companies and non-profit. These loans are meant specifically to keep businesses stable during times of financial hardship.
MEDC Loan Details:
| Loan Name | Type of Loan | Maximum Loan Amount | Requirements | Interest Rates | Fees |
|---|---|---|---|---|---|
| MEDC Facility Loans | Manufacturing, Hotel and Emerging Companies | $10,000-$5,000,000 | Financial creditworthiness, business expansion or job creation within the City of Milwaukee, strong growth potential and a sound business plan. | Market Rate, with a maximum rate of Prime +3% | Up to 2% commitment fee payable at loan closing |
4. U.S. Small Business Administration
The United States Small Business Administration has several programs that can assist Milwaukee businesses in obtaining funding, including their 7(a) and 504 programs.
They have a network of participating lending institutions like the Milwaukee Economic Development Corporation (MEDC), which is designated by SBA to administer its Small Loan Advantage and Community Advantage programs for qualified small businesses that do not meet the traditional collateral requirements of banks.
To learn more about SBA loans and how to apply for one: Small Business Administration Loans.
SBA Loan Details:
| Loan Name | Type of Loan | Maximum Loan Amount | Requirements | Interest Rates | Fees |
|---|---|---|---|---|---|
| SBA 7(A) Guaranteed Loan Program | Start-up or expansion | $5-5.5 million | Strong probability of success, good credit score, reasonable collateral, and a sound business plan | Wall Street Journal Prime Lending Rate plus 2.25% or more depending on a few factors | Guaranty fees charged by the SBA depending on loan’s maturity and size |
| SBA 504 Loans | long-term, fixed-rate financing for real estate or capital assets | $20 Million |
· A net worth less than $15 million · An average net income of $5 million or less after taxes for the two preceding years prior to application. · The business owner has invested equity equal to ≤ 10% of the project cost per SBA 504 Loan program requirements |
Varies based on the debenture rate. Current average of just under 4% | Total Fees depend on the loan amount and financed Project type |
Conclusion
Small business loans in Milwaukee can help you turn your entrepreneurial dream into a reality. With a vast array of options available from credit unions, local lenders, SBA programs, and government agencies, obtaining financing should be a more straightforward process. Whether you need the funds to acquire new inventory or expand your business, you can’t rule out how much small business loans can contribute to the growth of your business.
In as much as taking a loan is a decision that should not be taken lightly by anyone. After reviewing these options, it is essential to weigh their pros and cons carefully, considering the effect on your business, whether positive or otherwise. Applying for a small business loan is a commitment that requires careful consideration and planning, so it is advised that you go through each option with a fine-tooth comb before making your final decision.
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