Micro Loan – Wisconsin Women’s Business Initiative Corp
WWBIC makes loans to Wisconsin small and micro businesses up to $100,000. Both women and men throughout Wisconsin are eligible to apply.
Loan Qualifications – Have a written Business Plan.
– Will operate in the State of Wisconsin.
– Be an existing business with a successful track record and who is staged for growth.
– e a start up businesses whose owner has extensive experience in the industry.
– Understand general business operations ( management, financing, human resources, marketing, etc.
) – Have a strong credit history.
Interest Rates: Fixed, but vary according to the risk rating of the loan.
Terms: Also vary with the loan size and purpose.
The maximum term is 72 months with no pre-payment penalty.
Lines of credit are also available to existing customers who have established a strong repayment record.
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.
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.