|
WWBIC lends money to small businesses, as
well as offers educational programs to guide entrepreneurs in their search for
financing.
Loans: You may consider applying directly to WWBIC for a loan. WWBIC
offers small business loans with a maximum loan amount of $100,000. A major focus
of our loan process is on pre-loan business assistance. Through our assessment
process and continuing work with each client, we help the business owner enhance
his/her skills and strengthen his/her business strategies.
Education: Finding an appropriate
way to fund your business can feel like navigating through a storm. WWBIC offers
several ways to discover lending options for existing and start-up businesses.
To meet representatives from a number of lending institutions, you might
consider attending a Business Financing Seminar
. Those who are ready to begin the loan application process can
choose to meet with a WWBIC loan officer through one of our "Can
We Talk?" sessions.
There are a variety of resources available
to finance new small business ventures. Unfortunately, most people aren't aware
of them, or don't know how to apply for funding through them. These free
seminars explain how these programs work in partnership with banks. Seminars are
facilitated by WWBIC and representatives from several local banks and business
lending organizations.
Business Financing Seminars are a great
first step in investigating the many resources available to business owners. In
addition to offering funding solutions to the general business owner, we present
programs designed specifically to help women, people of color, and low-income
entrepreneurs obtain funding. It doesn't matter if your funding request is large
or small.
By attending the seminar, you will: -
Develop an understanding of a variety of financing programs and receive
application materials - Meet agency representatives.
Discuss your business plan and financing
options with a live person! WWBIC loan officers set aside time each week to meet
one-on-one with clients. Loan officers can answer questions about WWBIC's loan
application process, review business plans, or refer you to a number of business
resources.
Call our offices at 414-263-5450 in
Milwaukee or 608-257-5450 in Madison to make an appointment.
Eligible Uses of Loan
Loans can be used for expenses associated
with starting or expanding a business, including machinery, equipment, furniture
and fixtures, inventory, supplies and working capital.
Ineligible Use of Loan
Loan proceeds cannot be used to purchase
real estate or refinance existing debt.
Loans are not available for not for
profit businesses.
Loan Size
WWBIC can lend up to $100,000.
Interest Rate
The interest rate is 9% - 12%. Rates in some
geographic locations may be lower.
Loan Maturity
Terms are from 12 months to 72 months (6 years).
Program Costs
Loan Application Review: A non-refundable application fee. This fee is
based on loan size as follows:
Loan
size Fee
$5000 or less
$50
$5001 – 10,000
$100
$10,001 – 50,000
$150
Over $
50,000 $200
Loan Closing: A minimum $200
to cover the costs of providing services to the
borrower.
Closing Costs
None.
To receive a loan application, call 414-263-5450 or download a loan application
form by clicking
here.
The City of West Allis has teamed up
with WWBIC to provide support to West Allis entrepreneurs. Through the use of
Community Development Block Grant (CDBG) funds, WWBIC can lend up to $25,000 for
small businesses in the city of West Allis.
Qualifying Businesses
Businesses located or with plans to locate in the city of West Allis. Successful
applicants must agree to meet program income requirements.
Uses of Loan
Loans can be used for expenses associated with starting or expanding a business,
including machinery, equipment, furniture and fixtures, inventory, supplies and
working capital.
Program Costs
At closing, the borrower will be asked to reimburse charges such as filing fees,
title reports and/or credit reports.
To receive a loan application, call 414-263-5450 or download our loan
application form by clicking
here.
Additional Program Components
West Allis entrepreneurs are also eligible for full
scholarships to WWBIC's business development classes. To access WWBIC current
Milwaukee area classes, click here.
WWBIC designed the Business
Assistance Program to offer support to our loan clients. Once you become a loan
client, you have access to our corps of professional volunteers. These
volunteers work as consultants and mentors providing business expertise in areas
such as law, marketing, and accounting, as well as insight from their own
experiences in operating a small business. Through this program we are not just
"making matches", but rather building a network of support for our
clients.
|
