WWBIC COVID-19 Loan Offerings

THE WWBIC COVID-19 FAST TRACK LOAN PROGRAM is focused on existing businesses looking for business financing during COVID-19. Business owners have two options to pick from depending on their needs: a line of credit or a term loan.


LINE OF CREDIT DETAILS:

  • Minimum of $5,000. Maximum of $10,000.
  • Term of 12 months
    • Line of credit can be renewed for a 1% fee charged at the time of renewal
    • Line of credit can be modified to a 48 month term loan at no cost only after the initial 12 month interest only period
  • Interest Rate: 9.25%
  • SPECIAL: No collateral needed to qualify. WWBIC will still require the business to grant an all assets lien on its personal property, and WWBIC will file a UCC financing statement against the business in state records.

TERM LOAN DETAILS:

  • Minimum of $5,000. Maximum of $15,000.
  • Term of 60 months
  • Client makes interest only payments for the first 12-months; for the remaining 48 months, the loan is fully amortized (Amortized payment will be approximately $350 per month on $15,000)
  • Interest Rate:
    • Existing WWBIC Clients = 4.50%
    • Returning WWBIC Clients= 4.50%
    • New Clients = 5%
  • SPECIAL: No collateral needed to qualify. WWBIC will still require the business to grant an all assets lien on its personal property, and WWBIC will file a UCC financing statement against the business in state records.

FEES:

As with other WWBIC loans, fees are approximately 5% and can be financed from the loan proceeds.  The $75 non-refundable application fee is included in the 5%.  The $75 application fee is due at the time of application and can be paid with a credit card.


Go to our Loan Application to apply. For the question “How did you hear about our program?” on the Client Information section, please answer “WWBIC COVID-19 Line of Credit” or “WWBIC COVID-19 TERM LOAN” respectively.

For additional details about eligibility and requirements, download our fact sheet.

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