FAQ – WWBIC Classes
Can I come in or call to talk to speak with someone about my business idea?
Yes, there are many ways WWBIC assists with this process. We encourage people who are exploring entrepreneurship to register for one of our workshops such as Exploring Entrepreneurship, Will My Business Idea Work? or What Can WWBIC Do For You? Our classes and workshops are designed to give detailed information and answer your questions in a group setting. We also encourage you to contact us to learn about other helpful resources.
What if I already have a business plan completed and would like to apply for a loan?
Is there a fee for classes?
How will WWBIC’s classes help me?
WWBIC’s classes will provide you with business education and resources to start or grow your business. We also offer specialized courses on personal money management to assist you in setting up a budget and addressing credit issues.
Am I limited to taking a specific number of classes?
No. WWBIC does not limit the number of classes you may register for. However, when you register, please provide the workshop name, date and time for each of the classes you would like to attend.
How do I find the classes I want to take in the area I want to take them in?
Please look at our class calendar to find classes in the area that are convenient for you. All of our classes and class locations are available on this calendar.
How do I register for WWBIC classes?
Registration for WWBIC classes is available online, right on our class calendar. If you have any issues with registering on-line, please contact us.
Do I have to pay for the class in advance?
For specific classes, you may have to pay in advance. For example, due to the high demand of our technology classes, we may ask for advance payment. For most workshops, we collect fees at the door.
FAQ – WWBIC Loans
How do I apply for a WWBIC Loan?
Our online loan application is accessible here. For a paper application and checklist, please contact a WWBIC loan officer. After you have completed each item on the checklist and have submitted your application, a member of WWBIC’s lending team will respond to your application within 2 business days.
Can men apply?
Yes, any Wisconsin resident age 18 or older is eligible to apply.
How much can I borrow?
Loans range from $1,000 to $100,000 and can range up to $250,000 utilizing an SBA Community Advantage Guarantee. Speak with a WWBIC loan officer for more information.
What are the interest rates, terms, and collateral?
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.
What can the loan be used for?
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.
How much does it cost to apply?
A nonrefundable application fee of $100 must be submitted along with your application in order for the application to be processed.
How do I pay?
Please pay online with a credit card or mail a check/money order to The Wisconsin Women’s Business Initiative Corporation, 1533 N. Rivercenter Drive, Milwaukee, WI 53212 Attn: Loan Processing.
How long does it take to apply?
If you have all your documentation ready, the online application takes about about 30 to 45 minutes to complete. Feel free to browse the checklist first to find out what documentation you’ll need (a username and password are required to do this). You can save and return to the checklist at any point. However, you must complete the loan application checklist within 30 days from the date you start it.
What if I did not finish the loan application within 30 days of starting it?
You must start the application over. The information is not saved after 30 days.
My credit is not so great…can I still qualify?
Yes, but a guarantor may be required or other compensating factors needed to secure the loan.
Do I need a business plan?
Yes. Loan applications will not be processed without a written business plan. Click here for a business plan template.
What other documents are required?
Each item on the Loan Application Checklist is required in order for your application to be processed. Your lender will let you know if additional documents are required (such as mortgage papers, leases, etc.)
Is the online application secure?
Yes, all information entered in the application is secure and will not be shared with third parties.
FAQ – Current Borrowers
How do I register for WWBIC classes & programs?
WWBIC classes & programs are FREE for all WWBIC loan clients. To view upcoming courses & to register visit the classes page or contact your WWBIC Small Business Consultant for details.
Why do I need to have employees fill out Employee Information Forms (EIF)?
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.
What other WWBIC forms are required?
Who is my Small Business Consultant (SBC)?
WWBIC Small Business Consultants or SBCs are provided to all loan clients following the closing of your loan. Your assigned SBC may attend your loan closing or otherwise will contact 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.
WWBIC Small Business Consultant Directory
Milwaukee/West Allis Market:
Bilingual Small Business Consultant
Small Business Consultant
Small Business Consultant
South Central Market (Madison):
Small Business Consultant
Southeast Market (Racine/Kenosha):
Small Business Consultant
Rural Small Business Consultant, Southwest
Small Business Consultant, North Central
Small Business Consultant, Northeast
(Number – TBD)
What if I'm considering selling my home or car, which is being held as collateral on my loan?
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.
When will I receive my billing statement?
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.
What if I would like to make extra payments?
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.
I am ready to pay-off my WWBIC loan. Now what?
If you are ready to pay-off your WWBIC loan please contact your Small Business Consultant for payoff information and a timeline.
I am worried I won't be able to make a payment on time. What do I do?
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.
What is the process for requesting a disbursement?
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.
What if I need a wire transfer?
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.
What should I do if I need to change my ACH Information?
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.
What should I do if my contact information has changed?
Let your Small Business Consultant know if your business or personal contact information has changed.
How do I get my business listed on the WWBIC website's online client directory?
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.
I've had a great experience with WWBIC, are there ways I can give back?
There are many ways to give back to WWBIC and support the organization’s mission. Check out a few opportunities below:
WWBIC is always looking for class facilitators, guest speakers, mentors, and individuals with small business experience/expertise. Contact your Small Business Consultant for details.
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.
Rate WWBIC online! Visit: