Borrowing FAQ

Complete information on how to apply for a WWBIC loan and the documents you will need to successfully complete your application can be found on our business lending page.

Yes, any Wisconsin resident age 18 or older is eligible to apply.

Loans range from $1,000 to $350,000 

Interest Rates: Fixed, but vary according to prime rates and WWBIC funding sources.

Terms: Vary with the loan size and purpose. The maximum term is 72 months (up to 120 months with SBA Community Advantage Guarantee) with no pre-payment penalty. Lines of credit are also available.

Collateral: Acceptable collateral includes first lien on the business assets and personal guarantees of owner and spouse. A pledge of personal assets of the business owner(s) may be required.

Eligible uses: Machinery, equipment, furniture, fixtures, leasehold improvements, inventory, supplies and working capital.

Ineligible uses: Loan proceeds cannot be used to purchase real estate for business investment purposes or to refinance existing debt. The owner must be actively involved in day-to-day business operations.

Applying is free. 

If you have all your documentation ready, the online application takes approximately 40 minutes to complete. A required document list for start-up and established businesses can be found from the links provided here. You will need to create a username and password for the online application platform. Please make sure to remember your username and password, as this will allow you to save your work and return to your application at any point. You will have 14 days to upload all the required documents.   

If your application is not complete within 14 days, it will be withdrawn. However, if you would like to complete your application at a later date, you can do so. You will need to contact your local WWBIC office, as your application will need to be re-opened. Please make sure to remember your username and password.   

Yes, but a guarantor may be required or other compensating factors needed to secure the loan.

Yes. Loan applications will not be processed without a written business plan. Click here for a business plan template.

Each item on the required document list is required for your application to be processed. WWBIC’s Loan Operations Department will let you know if additional documents are needed (such as mortgage papers, leases, etc.)

Yes, all information entered in the application is secure and will not be shared with third parties.

WWBIC training sessions & programs are FREE for all WWBIC loan clients. To view upcoming courses and to register, visit the training sessions calendar or contact your WWBIC Small Business Consultant for details.

To WWBIC, EIFs = GOLD! WWBIC is supported through federal, local and private investors that believe in WWBIC’s mission of economic self-sufficiency through job creation & business development. By collecting demographic information on our clients & their employees, WWBIC is able to track key metrics used to measure the quality and effectiveness of programs & services.
Links to WWBIC demographic forms are below:

• Employee Information – A (Overview) You – the business owner – complete this form.
• Employee Information – B (Demographic) Each employee should complete this form upon hire. FYI – this information is not reported to any agency. WWBIC keeps the forms on file for our regularly-scheduled file audits.

Annually, we will request an updated Client Information Form/Business Information Form from you, the business owner. Fill it out online in English at https://bit.ly/wwbicform or in Spanish at https://bit.ly/formawwbic 

WWBIC Small Business Consultants or SBCs are provided to all loan clients following the closing of your loan. Your assigned SBC will attend your loan closing and work with you to schedule an initial site visit within 30 days. Please note some loan officers will require you to meet with your assigned SBC prior to disbursing funds beyond closing costs.

Thinking of selling your car or home? This can effect your loan status. Be sure to contact your SBC before taking any action. 3 weeks for vehicles 6 weeks for homes. Ask your SBC for a collateral release form.

Billing statements are sent to borrowers on the 1st & 15th of each month. If you have questions about your billing statement, or if you need to change your mailing address contact your Small Business Consultant.

Extra payments can be made Monday – Friday 8:30am – 5:00pm at WWBIC’s Milwaukee Headquarters (1533 N. Rivercenter Drive | Milwaukee, WI 53212) or contact your Small Business Consultant for more information.

If you are ready to pay-off your WWBIC loan please contact your Small Business Consultant for payoff information and a timeline.

There is a 7-day grace period on all WWBIC loans. If you are concerned you won’t be able to make your payment contact your WWBIC Small Business Consultant as soon as possible.

WWBIC’s internal check processing days are Tuesday and Thursdays. Therefore, the best practice is to submit the disbursement request to your loan officer by Monday or Wednesday of each week so that there is time to reconcile the request and approve it for processing. Please check with your loan office for additional requirements.

Disbursement Request Form

There is a $35 wire transfer fee. If you need a wire transfer, you’ll need to fill out the form below as well as add the $35 wire transfer fee to the disbursement request form.

Wire Transfer Fee Form

If you would like to change your ACH information you’ll need to fill out the form below and return it to your Small Business Consultant a minimum of 7 days in advance.

Loan Payments ACH Change Form

Let your Small Business Consultant know if your business or personal contact information has changed.

WWBIC’s online client directory listing features local business across the state. Often WWBIC will receive requests from local and national organizations looking for local small businesses to support. WWBIC points these inquiries to the online Client Directory listing. To feature your business here, fill out the form below and send it to your Small Business Consultant. NOTE: Your loan must be in good standing to be listed on our directory.

Client Directory Form

There are many ways to give back to WWBIC and support the organization’s mission. Check out a few opportunities below:

Volunteer with WWBIC

WWBIC is always looking for class facilitators, guest speakers, mentors, and individuals with small business experience/expertise. Contact your Small Business Consultant for details.

Donate to WWBIC

Make an investment in WWBIC’s community impact. WWBIC’s many endeavors would not be possible without the generous support of individuals, foundations and corporations. We are funded through grants and donations from people like you! Donate here.