Frequently Asked Questions on a WWBIC Loan

1.  How do I apply for a WWBIC Loan?

We have an online loan system that is accessible at www.wwbic.com under the Business Lending Tab.  (We are no longer accepting paper applications.)  A loan officer will respond to your online application, after we have received your $75 processing fee, within 48 hours.

2.  Can men apply?

Both women and men throughout Wisconsin are eligible to apply.

3.  How much can I borrow?

Loans range from $1,000 to $100,000.

4.  What are the interest rates, terms, and collateral?  What can the loan be used for?

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.

5.  How much does it cost to apply?

A nonrefundable application fee of $75 must be received before the application will be processed.  Please mail a check or money order to The Wisconsin Women’s Business Initiative Corporation, 2745 N. Dr. Martin Luther King Jr. Drive, Milwaukee, WI  53212.

6.  Can I pay with a credit card?

Yes.  Payment can be made online.

7.  How long does it take to apply?

The online application takes about 30 to 45 minutes if you have all your documentation ready.  You can start a loan application and finish it at a later time.  The application must, however, be completed within 30 days of you starting it.

8.  How long does it take to get an approval?

A WWBIC lender will contact you within 48 hours to verify your application, familiarize you with the loan process, and possibly request additional information.  The actual approval depends on various factors but takes an average of six weeks.

9.  My credit is not so great…can I still qualify?

Yes, but a guarantor may be required to secure the loan.

10.  Do I need a business plan?

Loans will not be approved without a written business plan.  A template is located at www.wwbic.com under the Business Lending Tab.

11.  What other documents are required?

A Client Information Form is required if your business is a start-up, and both a Client Information Form and a Business Information Form is required if you are expanding your business.  These forms are located on the Loan Application page.  They must be printed out and completed, and mailed in along with your application fee.

Your lender will send you a checklist for additional loan documents required (such as mortgage papers, leases, etc.)

12.  Is the online application secure?

Yes, all information entered in the application is secure and will not be shared with third parties.

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