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What financing options are available for small businesses in Wisconsin’s most populated city? Find out about possible loans and which ones might fit your business.
Milwaukee has a long and lively business history, and a small business loan can enable your company to make its mark in the city’s story.
Milwaukee is one of the hottest cities for entrepreneurs right now because it has a growing population, a relatively low cost of living, and access to the bounty of the entire Midwest and Great Lakes regions. A small business loan can get your operation up to speed by letting you take advantage of everything Brew City has to offer.
A Small Business Administration (SBA) loan is a type of commercial loan that is partially backed by the SBA and, therefore, the federal government. However, it is serviced through private lenders. These loans come with a more rigorous application process, but lower interest rates.
If your business is approved for a line of credit, you can make purchases on credit and pay down the balance later in installments.
With a term loan, a lender disburses a lump sum of money to your business at the outset. Then, you agree to repay the loan, plus interest and fees, in monthly installments over several years, sometimes up to 25 or 30 years.
Equipment financing allows your Milwaukee business to obtain needed machinery or other equipment right away and then pay for the equipment in installments.
If you are owed a significant amount of money because of unpaid invoices, you can use this fact to apply for accounts receivable financing. In this situation, you can receive a loan based on the amount of money you will receive from outstanding invoices.
Several local organizations provide small business funding resources in Milwaukee.
Self-Help Federal Credit Union is a younger credit union dedicated to serving lower-income areas, with branches in Milwaukee and many small business lending options.
The Milwaukee Economic Development Corporation (MEDC) is a local non-profit that offers low-interest loans to Milwaukee entrepreneurs.
The Equitable Bank services a large suite of commercial lending options for businesses in Milwaukee, as well as the rest of southeastern Wisconsin.
The City of Milwaukee’s Office of Equity and Inclusion administers a Revolving Loan Program to assist SBE-certified firms in Milwaukee with financing.
Educators Credit Union provides various types of loans including business auto loans, equipment loans, and more to small businesses in Milwaukee.
Associated Bank offers many types of business loans to small businesses in the Milwaukee area.
WWBIC provides loans of up to $350,000 to small and micro start-ups and established businesses in Milwaukee.
Peoples State Bank offers several loan types, including business lines of credit, equipment financing, SBA loans, and more to small businesses in Milwaukee.
As an SBA lender, Wisconsin Bank & Trust offers Milwaukee business owners favorable terms and local decision-making.
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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
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The City of Milwaukee’s Department of City Development is a great resource to check out first if you’re an entrepreneur, because the agency really focuses on fostering small businesses in the city. Depending on the neighborhood in which you are located, there is probably a Business Improvement District set up for you—an awesome resource hub formed by a partnership between local businesses, the city government, and neighbors. The Milwaukee Business Journal, a press outlet favored by local companies, can provide in-depth educational resources and business data for the city.
If you are looking to renovate or construct a new or existing storefront or other building in Milwaukee, the city offers multiple neighborhood Commercial Revitalization Grants for projects like yours. The Greater Milwaukee Foundation has a long history of granting initiatives for small businesses in the area, with a special focus on getting funding to entrepreneurs from underserved backgrounds. The Main Street Bounceback Grants program is aimed at attracting entrepreneurs to open their doors in Milwaukee’s vibrant downtown area by providing cash assistance.
You can use a small business loan in Milwaukee to help get your new business started or to reach the next level of an existing business. Funding can be utilized to overcome cash flow crunches, and, in the best case scenarios, financing helps your business expand over time. You can use a Milwaukee small business loan to best your competition by renovating your location or launching a fantastic marketing campaign, for example.
To qualify for a business loan in Milwaukee, you first need to choose a business structure. You then might need to register with the Wisconsin Secretary of State and, in some cases, the City of Milwaukee. Once your company is set up, you can apply for funding. Generally, you will want to have a solid business plan, detailed business financial documentation, and a good personal credit report. Lendio’s easy-to-use online platform makes it a snap to see many of your Milwaukee financing options in minutes.