WWBIC Loan FAQ
Q. How do I apply for a WWBIC Loan?
A. 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 submitted your application for final approval, a loan officer will respond to your application within 48 business hours.
Q. Can men apply?
A. Yes, any Wisconsin resident age 18 or older is eligible to apply.
Q. How much can I borrow?
A. Loans range from $1,000 to $100,000 and can range up to $250,000 utilizing a SBA Community Advantage Guarantee. Speak with a WWBIC loan officer for more information.
Q. What are the interest rates, terms, and collateral?
A. Interest Rates: Fixed, but vary according to prime rates.
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.
Q. What can the loan be used for?
A. 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.
Q. How much does it cost to apply?
A. A nonrefundable application fee of $75 must be submitted along with your application in order for the application to be processed.
Q. How do I Pay?
A. 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.
Q. How long does it take to apply?
A. 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.
Q. What if I did not finish the loan application within 30 days of starting it?
A. You must start the application over. The information is not saved after 30 days.
Q. My credit is not so great…can I still qualify?
A. Yes, but a guarantor may be required to secure the loan.
Q. Do I need a business plan?
A. Yes. Loan applications will not be processed without a written business plan. Click here for a business plan template.
Q. What other documents are required?
A. 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.)
Q. Is the online application secure?
A. Yes, all information entered in the application is secure and will not be shared with third parties.