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Small Business Loans in Wisconsin: Best Bank & SBA Lender for Startups, Women & Minorities
For entrepreneurs starting their own businesses life can be tough. It’s estimated that on average there are 2.25 small business owners out of every 100 Wisconsin residents (NerdWallet). Those first few years can make it or break it when it comes to your business’ finances. Once you are two years into your new business venture you may notice your business needs some extra funding.
The nation provides guaranteed Small Business Administration (SBA) Loans for individuals that meet their standards. These standards include being in business for at least two full years, having a 640 or greater credit score, and making over $100,000 in revenue each year. If you pass all of these SBA loan requirements you can get a long-term, low-interest SBA loan from any Wisconsin bank that offers it.
SBA Loans can be used for a variety of purposes. These include purchasing new equipment, refinancing other debts, buying real estate, adding to your working capital, purchasing new inventory, or even helping fund the cost of an acquisition of other businesses.
These loans typically range from a low of $5,000 to a maximum of $5 million dollars. The average guaranteed SBA loan size for Wisconsin is $249,876 (NerdWallet). The term of your SBA loan can be between 5 and 25 years. The interest rates typically start around 6.5%. Most banks can get your loan approved within a few short weeks.
SBAs are the ideal loan for any business owner who wants to expand their operations. The draw is the very low-interest rates these loans offer compared to typical small business loans provided by private banking institutions. Many lenders that participate in the SBA program are more than willing to help you through the process of applying for these loans.
Financial institutions that participate in the SBA Financing Program are guaranteed a government backup for a portion of each loan they lend. This helps reduce their overall risks involved with lending.
Some financial lenders with the best rankings in the state of Wisconsin include The Farmers State Bank of Waupaca, Bank of Luxemburn, The Stephenson National Bank and Trust, Bank of Wisconsin Dells, The Port Washington State Bank, Middleton Community Bank, and the State Bank of Chilton.
Banks in Wisconsin That Offer Small Business Loans
Listed below are the top bans in the state for small business loans:
State Bank of Chilton
Founded in 1891 in Chilton, Wisconsin, the State Bank of Chilton has a long list of lending lines available to both individuals and to their corporate clients.
The Stephenson National Bank and Trust
The Stephenson National Bank and Trust was established in Marinette, Wisconsin in 1874. Currently seated as its President and CEO is Mr. Daniel J. Peterson.
Bank of Luxembourg
Serving individuals, businesses, and organizations in Wisconsin, the Bank of Luxembourg has helped small businesses with loans totaling $72 million in just one year.
Community State Bank
Established in 1980, Community State Bank is based in Galva, Illinois but has since branched out to offer their services beyond the state. The bank currently has a branch in Union Grove.
Based in Horicon, Wisconsin, the Horicon Bank prides itself for helping local small businesses leverage their position through loans amounting to nearly $136 million.
Waumandee State Bank
Waumandee State Bank was ranked by SBA as the sixth best bank for small business loans in 2013, having helped 431 small businesses with $45 million in loans.
Top Cities in Wisconsin and Their Lenders
Wisconsin is one of the most prominent states in the Midwest – it also happens to be one of the coldest. Certain areas in Wisconsin can reach extreme temperatures during the winter, which may make it an unattractive place for certain small business industries. If you’re looking to start a business in the area, it’s important to choose the city that’s right for the type of small business you’re starting. The state has a diverse economy that includes industries such as agriculture, manufacturing, tourism, energy, and retail. You’ll be certain to find a place you can start a successful business in inside of Wisconsin.
This portion of our article is dedicated to finding the best city for your new small business – we’ll outline the top small business cities in the state. In addition, we’ll provide you with the top lenders in each city.
Milwaukee is the largest city in the state of Wisconsin – it sits on the shores of Lake Michigan. It’s the economic hub of the state – there are plenty of industries present in the city. The city is also well-known for its rich brewing history – beer has been a staple of the city since its inception. Below are our favorite lenders in Milwaukee:
Park Bank is our favorite lender in the Milwaukee region, they have some of the most customizable funding solutions in the city. They are primarily focused on the Milwaukee region, but still have the needed funding power to provide you with large loans. If you’re looking for a lender with considerable financial capabilities, this is a good option.
Water Stone Bank
Water Stone Bank is another mid-sized lender in the city. They’re well-known for helping business owners get the real estate loans they need to take things to the next level. They also provide regular term loans and business lines of credit.
Madison is the home of the University of Wisconsin – the state’s most notable university. It is one of the largest employers in the city. But there are also plenty of other industries present in Madison. Financial services, healthcare, and software companies all play a major role in the city. Below are our top lenders in the Madison, Wisconsin area:
Madison Credit Union
Madison Credit Union is a credit union that works exclusively with Madison-based businesses to provide them with the financing they need to take their operations to the next level. The only downside is that you’ll need to be a member of their union to take advantage of their financing. On the plus side, they have some of the most affordable financing in the city. They’ve been lending money to individuals in the area for over 80 years.
Capitol Bank is a mid-sized, regional bank with a great reputation in Madison. If you want to work with a lender that also has excellent business banking services, this is a good choice for most of the Madison region. They pride themselves on being in-tune with the local business community – they understand the industries prevalent in the city.
Green Bay, Wisconsin
Green Bay is a small city in the state of Wisconsin that is famous for being home to the NFL team the Green Bay Packers. It’s rare to see a city this small with such a large professional sports team. Much of the local economy is built around the retail sector. Below is our favorite lender in the area:
Bay Bank is a locally owned bank and lender in the Green Bay region. They work with local consumers and business owners to provide banking services and loans. If you want a lender that has a firm commitment to the Green Bay economy, this is definitely your best option. They have a local branch you can use to speak with a commercial lending specialist.
Kenosha is the manufacturing capital of the Wisconsin area. It’s situated conveniently close to Chicago. It’s a very affordable place to live. Below is our favorite lender in the region:
North Shore Bank
North Shore Bank is our top pick in Kenosha. They’re a large, regional lender with plenty of experience helping small business owners in the area thrive as much as possible. If you want to work with a bank that understands Kenosha, you can’t go wrong with North Shore Bank.
Racine is another industrial hotspot in Wisconsin. There is plenty of heavy manufacturing in the area, along with chemical manufacturing and a few other notable industries. It’s also a very affordable place to start a new business – it’s a very attractive city. Below is our favorite lender in the region:
Johnson Bank is our top pick in Racine. They have a local branch in the heart of the city that can be used to speak to a customer service representative about the best commercial lending solutions. They also offer business insurance for those who need it.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don’t worry as there still may be other alternative lenders willing to work with you.
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