Small Business Loans Wisconsin

Advancepoint Capital Supports Small Business Loans in the State of Wisconsin
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For many business owners in the State of Wisconsin, access to capital for their business is necessary. To receive the funding, they need to keep their business objectives on track. Companies need alternative loan solutions they can trust. AdvancePoint Capital offers business loans and short-term cash flow options that keep operations afloat.
Despite the State of Wisconsin’s economic strengths, small business entrepreneurs still face many challenges getting a small business loan from traditional banks or credit unions because they have stringent guidelines, requirements, mountains of paperwork, and limited loans to offer. AdvancePoint Capital’s customer service and business development can provide resources and help you acquire capital.

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How Do I Get Approved for a Small Business Loan in Wisconsin?

AdvancePoint is a great resource with a business marketplace full of alternative funding options for most small businesses. Experience our customer service and unleash all of the resources we have at our disposal, so you can access the best products, rates, and terms that meet your needs.

The 8 Best Small Business Funding Options for Wisconsin Businesses

1. Long-Term Small Business Loans for Small Businesses in Wisconsin

Lenders define long term business loans as a business loan with a duration of greater than two years. Businesses are offered a fixed price upfront, then charged principal & interest. Unlike a business line, a business owner cannot draw money as with long term loans. Typically, long term loans are a great resource for expansion and growth.

Product Overview

Interest Rate: Starting at 5.50% or treasury index plus 1% to 2.5%
Term: 2 to 10 years
Fees: Origination fees range from 0% to 3% (depends on risk and lender)
Loan Payments: Monthly or bi-weekly
Credit Requirements: Good to excellent credit score required

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Long-Term Business Loans

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2. Business Line of Credit for Small Businesses in Wisconsin

A Business line of credit is an open revolving line. This allows businesses to draw funds when on-demand—a business line charges a principal & interest rate. Business lines of credit have a limit that cannot be exceeded without a lender’s approval and is not open-ended forever. To be extended, it requires renewal by lenders either semi-annually or annually. Entrepreneurs choose a line instead of a loan for the working capital, affordable rates, and flexible terms.

Product Overview

Interest Rate: Starting at 5.50% or treasury index plus 1% to 2.5%
Term: Open revolving line
Fees: Origination fees ranging from 0% to 3%
Payment: Monthly, bi-weekly or weekly
Credit Requirements: Fair to excellent credit score required

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Business Line of Credit

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3. Short Term Business Loans for Small Business Owners in Wisconsin

Short term business loans are defined as loans that are typically repaid within 6 to 18 months. These loans feature a lump sum offered up front with a fixed payback amount calculated using a factor over a short term of time. Rates are not principal and interest but a “factor rate” that costs more than traditional loans. Most businesses choose short term business loans when they do not qualify for traditional business loans. Short term loans charge more for costs and have a shorter repayment duration. The payments are more frequent to compensate for the higher risks business lenders take by offering this product. These loans are a popular resource for small businesses because of the reduced documentation requirements and more relaxed tolerances than traditional loans. Working capital is the primary reason to acquire funding for short term business loans.

Product Overview

Rates: Factor rates range from 1.09% up to 1.45%, or simple interest starts at 1% per month
Term: 6 to 18 months in duration (typically 12 months or less)
Fees: 0% to 5% origination fees
Payments: Weekly, bi-weekly, and in some cases, daily Monday-Friday
Credit Requirements: All credit types considered
Application Requirements: Application, bank statements

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Short Term Business Loans

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4. Business Cash Advance for Small Businesses in Wisconsin

Business Cash Advances (BCA) is also known as the Purchase of Future Sales Agreement that advances future sales at a discounted rate. The business is responsible for paying back a fixed price known as a specified amount, which is higher than the amount that was advanced to the company. This difference between the advance and the payback amount is called the “factor rate” or cost, which is a fixed cost. The advance is repaid by taking a fixed percentage of future overall deposits called the specified percentage. The payments are collected by an ACH fixed daily or weekly payment deducted from a business account based on the specified percentage of future sales. At the end of every month, reconciliation can occur. If the fixed monthly payments are more than the set future percentage of monthly sales, small business owners can request a refund for overpayment. Then the specified percentage of sales collected for the business matches the revenue volumes. Repayment continues until the payback amount is paid in full. There is no time limit with advances as the fixed payback percentage is ever-changing due to fluctuating revenue.

Product Overview

Rates: Ranges from 1.09% up to 1.45%
Term: No time limits. Payments continue until paid in full based on specified percentage collection method and are dependent on future revenues
Fees: Origination fees that range from 0% to 5%
Payment: Weekly or daily Monday-Friday Fixed ACH
Credit Requirements: All types of credit considered
Application Requirements: Application, bank statements

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Business Cash Advance

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5. Merchant Cash Advance for Small Businesses in Wisconsin

A Merchant Cash Advance (MCA) is also known as a Purchase of Future Sales Agreement, and it operates very similarly to BCAs. The most significant difference is the repayment process. It is connected to future credit card revenues instead of overall sales. MCA’s take a set percentage of future card sales at the time of batch until the advance is paid back in full. Businesses find this valuable when their revenues fluctuate and don’t want to be locked into a fixed payment that could negatively impact cash or profit margins. This product is another great resource for working capital to help your business. Remember, a merchant cash advance is not a loan but an advance. You’re selling a portion of the business’s future sales at a discount to a funder in exchange for cash now.

Product Overview

Rates: Range from 1.09% up to 1.45%
Term: No time limits
Fees: Origination fees range from 0% to 3%
Payment: Set fixed percentage of future card revenues
Credit Requirements: All types of credit considered
Application Requirements: Application, bank statements, merchant processing statements

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Merchant Cash Advance

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6. Equipment Loans and Financing for Small Businesses in Wisconsin

Seattle area businesses that require the use of equipment to operate their business often turn to equipment financing to purchase machinery. Equipment loans secure the equipment itself as collateral. The good news is that little paperwork is necessary, such as a one-page application and bank statements, to get approved. Equipment loans are fast and easy loans to apply for, and sometimes approval can happen on the spot, although additional time may be required. This product is most popular for industries in Seattle with a heavy reliance on equipment resources like manufacturing and construction.

Product Overview

  • Rate: Range from 1.09% up to 1.45%
  • Term: 2 to 7 years
  • Fees: Origination fees range from 0% to 3%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Credit Requirements: Fair to excellent credit score required

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Equipment Loans

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7. Small Business Administration- SBA Loans for Small Businesses in Wisconsin

The United States Small Business Administration (SBA) is a Federal government agency headquartered in Washington DC that provides programs, guidelines, and loan guarantees to approved SBA Lenders to issue business loans. The SBA’s mission is to help American enterprises successfully start, build, and grow their businesses. The SBA is not a lender. The SBA provides a guarantee that gives the approved lenders the ability to take on the risk of business lending and other decisions they ordinarily wouldn’t. The SBA’s terms have rights reserved for any recourse needed. SBA loans are highly sought after, and there are many government-approved lenders to choose from. The SBA loan application process can be lengthy, but with the help of an experienced SBA-approved lender, the application package can be an efficient experience. Some SBA loans require a business plan.

Product Overview

Interest Rates: Starting at 5.50%, treasury index plus 1% to 2.5%
Term: 3 to 25 years
Fees: Origination fees 0% to 3%
Payment: Fixed monthly
Credit Requirements: Good to excellent credit score required

Small Business Administration SBA Loans & Lending Programs 

Small Business Administration SBA Standard 7 (a) loan program- SBA loan 7(a) is the SBA’s primary program. It’s designed to provide financial assistance to small businesses with a good track record. The terms and conditions may vary by the type of loans to small businesses. Real estate may be used for collateral but is not required.

Small Business Administration SBA Loan Program 504- The SBA 504 Loan is a powerful economic development loan program that will provide small businesses another avenue for business financing while promoting economic development and job creation. Proceeds from SBA 504 Loans must be used for fixed assets such as construction, owner-occupied commercial real estate, mixed-use real estate, land improvements (and certain soft costs), or can also be used to refinance existing debt on your small business.

Small Business Administration COVID-19 SBA Loan Programs & Resources

Small Business Administration SBA Disaster Loan – Economic Injury Disaster Loans (EIDL) assists Wisconsin businesses after natural disasters like tornadoes, wildfires, or floods. When President Trump declared COVID -19 a nationwide health emergency, congress provided small businesses access to this program for emergency financing. This program was designed for small businesses to retain employees and other expenses to stabilize business during the COVID-19 pandemic. SBA Bridge Loans enable small businesses with a business relationship with an SBA Lender to quickly access up to $25,000.

Small Business Administration SBA Paycheck Protection Program (PPP) –The Small Business Administration (SBA) has established the SBA Paycheck Protection Program loan. This SBA loan provides loans to small businesses in Wisconsin affected by the COVID-19 crisis needing financial help. Under the right conditions, this program offers forgiveness. This program was designed for businesses to retain employees during the COVID-19 pandemic.

SBA Express Loans are business loans partially guaranteed by the Small Business Administration (SBA) with expedited credit decisions. SBA Express loans offer credit decisions in 24 to 36 hours.

As with all SBA loans, the SBA doesn’t actually do any direct lending for SBA Express loans. Instead, they work with a network of approved lenders who underwrite and issue the loans. The SBA does guarantee a portion of the loan amount, meaning if the borrower defaults on the loan, the lender won’t lose all of their money.

The SBA Express loan program and the SBA Export Express small business loan program, two sub-programs within the SBA 7(a) loan program, offer funding of up to $350,000 and $500,000, respectively.

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Small Business Administration (SBA) Loans

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8. Invoice Financing for Small Businesses in Wisconsin

Invoice financing advances the outstanding balance to a business owner to increase cash flow speed. This solution provides cash quickly, and there is no need to wait for outstanding invoices to be collected and received by the client. Invoice financing has affordable costs ranging from 1% to 2.5% fee off of the face value of the invoice advanced. This product is common for manufacturing.

Product Overview

Interest Rate: None
Term: Not a traditional loan
Fees: 1% to 3% fee based on the invoice. Monthly service fees may apply depending on the volume of invoices factored
Credit Requirements: Credit score of the business owner does not matter

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Invoice Factoring

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U.S. Small Business Administration

How to Grow Your Business in Wisconsin
View the Wisconsin Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.

The fast, convenient, and straightforward way to get the money you need for your small business – now!

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Why Do Wisconsin Small Business Owners Need Financing?

The most common reasons Wisconsin business owners use business funding:

  • Working Capital Loans
  • Equipment Purchase and Repair
  • Access Capital for Inventory
  • Business Plan Expansion
  • Cash Flow Shortages
  • Access Capital for Emergencies
  • Advertising / Marketing
  • Recruitment of Employees and Training Resources

Frequently Asked Questions by Wisconsin Small Business Owners

It is not difficult to obtain small business funding in Wisconsin, as many small business lenders and funders are available. Choose your lender and business loans wisely.

The internet is an invaluable resource when searching for a business lender. Most businesses search the internet for business lending websites to glean additional information, find reviews on a business lender, inquire for details, and apply for a quote. This internet search process allows businesses to shop, compare, and potentially save significantly. Are websites trustworthy? They’re as trustworthy as visiting any Wisconsin small business in person. You are not evaluating the website as much as you are the company and people with whom you communicate. The website is merely the port of entry. It’s like walking into a business without leaving the comfort of your home. The companies you deal with must earn your trust through customer service, customer treatment, and quality offers. 

There are many business lending options available for small business owners with bad credit. Financing options will vary depending on the risks associated with this type of funding and impact terms, pricing, and costs. 

Credit Scores vary, but one thing is for sure, the better your credit, the more options and better terms you receive. Check out the top eight business funding options above for terms and details.

Now that’s a broad question! The terms vary greatly, based on the business funding option you choose. Check out the top eight business funding options above for terms and details.

Initiatives, Government Programs, and Grants in Wisconsin for Small Businesses. Additional Small Business Resources, Tools, Support, Help, and Information

WWBIC  Providing targeted individuals interested in starting, strengthening, or expanding businesses with access to critical resources such as responsible financial products and quality business and financial education. WWBIC makes loans to small and micro businesses up to $250,000. They work with men and women to analyze their business’ financial needs and guide them through the loan process.

Grants and Loans for Small Businesses and Nonprofits During COVID-19

Wisconsin Small Business Development Center (SBDC) COVID-19 Help – The Wisconsin Small Business Development Center Network has created this page as an anchor for important resources and information during the COVID-19 pandemic.

Wisconsin Economic Development Corporation (WEDC)  The Wisconsin Economic Development Corporation (WEDC) is committed to creating and maintaining a business climate that allows you to maximize your potential. The WEDC works with more than 600 statewide partners, including regional economic development organizations, academic institutions, and industry groups supporting business development.

WHEDA – WHEDA’s mission is to stimulate the state’s economy and improve Wisconsin residents’ quality of life. It offers a unique set of lending tools to help small and medium-sized businesses.

Ethnic Minority Emergency Grant (EMEG) Initiative -The WEDC has funded the Ethnic Minority Emergency Grant (EMEG) initiative and will award grants of $2,000 per company to ethnic minority-owned businesses. They must have five or fewer full-time equivalent employees (including the owner) in the retail, service, or hospitality sectors that have not received assistance through the Small Business 20/20 Program or the federal CARES Act and/or Paycheck Protection Program. For more information, see Helping Minority-Owned Micro-Businesses Weather the Storm.

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