Capital/Lending
WWBIC Loans
One of the biggest challenges that entrepreneurs face when starting or growing their business is finding the money to do it! WWBIC is the state’s largest microlender – providing access to financial capital for business start-ups and expansions.
From free initial training sessions to providing the information needed to start a business, to $1,000 – $350,000 capital loans, and everything in between, WWBIC can help!
Please thoroughly review the information in this packet for details on what to expect and other information you’ll find helpful regarding loans from WWBIC before you begin applying for a loan. If you do not already have a business plan or the required documents for your loan application, we suggest you first consider emailing welcome2wwbic@wwbic.com and/or registering for one of our many no-cost training sessions at wwbic.com/trainings.
WWBIC loans extend beyond financing with our dedicated team of financial and business professionals. We provide our clients with the tools, education and resources to succeed, and in return expect a commitment from our clients to apply best business practices.
Downloadable Lending Documents
Click on the image above to view/download our printable lending guide.
Loan Financing Eligibility
If a potential borrower answers “yes” to the following statements, there is a good possibility they will qualify for a WWBIC loan.
- Do you have a written business plan?
-
Does or will your business operate in Wisconsin?
-
Are you a start-up business owner with extensive experience in your industry?
-
Do you own an established business with a successful track record, and you’re ready to grow or expand?
-
Do you have a good understanding of business operations practices (management, financing, human resources, marketing, etc.)?
-
Do you have an explanation for any imperfections in your credit history such as low credit scores, collections or bankruptcies? (We invite all credit histories to apply!)
WWBIC Loan Application Steps
PLEASE NOTE: Loan approval is not guaranteed.
Delays during the loan application process are common due to high demand or other unforeseen circumstances
Step 1 - Prepare Your Documents
You will have 14 days from when you start your loan application to submit all required documents, so it’s important to have these documents ready before you apply. For a comprehensive list view our Required Document Checklist for Startups or Existing Businesses. The minimum requirements are:
Personal Documents
(Required of both borrower & spouse, and guarantor if applicable)
- Driver’s license or state identification
- Personal financial statement (PFS – SBA Form 413)
- Most recent pay stub (showing year to date income)
- Most recent 3 months of personal bank statements
- Previous year’s personal tax returns, W-2s, 1099s
- Professional resume
Business Documents
- Business plan
- 3 years of financial projections
(showing 12 months cash flow plus 2 additional years) - List of business advisors (including attorney, accountant, banker, marketing, insurance agent)
- Collateral and inventory form
- Proof of owner injection
- Business entity documents (Articles of Incorporation & EIN)
Step 2 - Submit WWBIC Client Forms
Before you fill out a WWBIC loan application, you will be required to submit new WWBIC client forms at bit.ly/wwbicform. At the end of these forms, a link to our online loan application is provided.
In addition to providing information about yourself, you will also be prompted to provide details on your business and on any employees your business may have.
Step 3 - Complete Your Application
At the end of our client forms, a link to our online loan application will be provided. Please note that there is a $100 non-refundable loan application fee.
The loan application will save as you go and you can leave and come back where you left off. Incomplete applications and those missing required documents will be automatically deleted after 14 days. All application information is secure and will not be shared with third parties.
Step 4 - Loan Document Processing
Once submitted, your loan application will be processed by our loan intake specialist. As we review your application:
- Additional documents or information may be requested
- We will run a credit report or criminal background check (results may or may not impact your loan approval)
Step 5 - Loan Application Review
If your documents are deemed complete, a loan officer will then be assigned to your application. The loan officer will:
- Thoroughly review your business plan, financial projections, financial status and other application details
- Engage with you to assess the feasibility of loan approval
Step 6 - Loan Approval
Loan applications deemed feasible will then advance to the loan approval process which usually takes 6-8 weeks; SBA guaranty loans require another 4 weeks on average. Your loan officer will guide you through the next steps. Final approval will be determined by the WWBIC Loan Committee.
Step 7 - Loan Closing
Loans approved by the WWBIC Loan Committee move on to the loan closing process. At this point:
- Closing costs will be determined along with collateral; these costs are estimated at 5-7% of the loan amount
- Additional documents must be submitted, such as:
- Car Titles (if used for business or as collateral)
- DUNS/UEI number
- Proof of business property insurance
- Proof of business liability insurance
- Adding WWBIC to insurance on collateral assets
- Loan interest and terms are determined
- All closing documents must be signed before a loan is final and funds are disbursed
- A WWBIC Small Business Consultant will be assigned to assist you during the life of your loan
Find answers to frequently asked questions about WWBIC loans.
Once you’ve secured a WWBIC loan, what comes next? View info on our post-loan support and requirements
Get details on Kiva@WWBIC crowdfunded loans
