Best Small Business Loans in Wisconsin 2023: Finest Selection

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Best Small Business Loans in Wisconsin

In 2023, the landscape for small business loans in Wisconsin is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Wisconsin LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Wisconsin. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Wisconsin. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Wisconsin banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Wisconsin

We will discuss Wisconsin’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Wisconsin. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Wisconsin LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

What are the best small business banks in Wisconsin?
Some of the best small business banks in Wisconsin include Associated Bank, Chase Bank, U.S. Bank, and First National Bank.
Does BMO Harris have a strong small business banking presence in Wisconsin?
Yes, BMO Harris has a strong small business banking presence in Wisconsin.
Are there any community banks in Wisconsin that specialize in small business banking?
Yes, there are several community banks in Wisconsin that specialize in small business banking, including Bank of Wisconsin Dells and Wintrust Community Bank.
How important is it for small business owners in Wisconsin to choose the right bank?
Choosing the right bank is important for any small business owner, but it is especially important in Wisconsin where the economy is largely driven by small businesses.
What should small business owners in Wisconsin look for in a bank?
Small business owners in Wisconsin should look for banks that offer affordable fees and interest rates, excellent customer service, and a range of business account options.
Are there any Wisconsin-based banks that offer specific benefits to small business owners?
Yes, several Wisconsin-based banks offer specific benefits to small business owners, including North Shore Bank and Compeer Financial.
What types of small business loans are available in Wisconsin?
Small business owners in Wisconsin can apply for a range of loans, including traditional term loans, business lines of credit, and equipment financing.
What is the interest rate for small business loans in Wisconsin?
Interest rates for small business loans in Wisconsin vary depending on the bank and type of loan, but generally range from 6% to 15%.
Are there any low-cost financing options for small businesses in Wisconsin?
Yes, the Wisconsin Economic Development Corporation offers several low-cost financing options for small businesses in Wisconsin, including low-interest loans and grants.
Can small businesses in Wisconsin access the Paycheck Protection Program?
Yes, small businesses in Wisconsin can access the Paycheck Protection Program through participating banks and lenders.
What types of accounts should small businesses in Wisconsin have?
Small businesses in Wisconsin should have a checking account, savings account, and potentially a business credit card.
Are there any special tax considerations for small businesses in Wisconsin?
Yes, small businesses in Wisconsin must file state income tax returns and potentially collect and remit sales tax.
Can small businesses in Wisconsin get help setting up their accounting systems?
Yes, several banks in Wisconsin offer resources and support for setting up accounting systems and managing finances.
Are there any networking opportunities available for small business owners in Wisconsin?
Yes, several organizations and associations in Wisconsin offer networking opportunities for small business owners, including the Wisconsin Small Business Association and SCORE Wisconsin.
What are the fees associated with small business banking in Wisconsin?
Fees vary depending on the bank and type of account but can include monthly maintenance fees, transaction fees, and ATM fees.
Are credit unions a good option for small business banking in Wisconsin?
Yes, credit unions can be a good option for small business banking in Wisconsin, especially for those looking for lower fees and a more personalized experience.
What should small business owners in Wisconsin do if they have issues with their bank?
Small business owners in Wisconsin should try to resolve issues with their bank directly and escalate to a supervisor or banking regulator if necessary.
Can small businesses in Wisconsin get help with their business plans or financial projections?
Yes, several banks and organizations offer resources for developing business plans and financial projections, including the Wisconsin Small Business Development Center.
What should small business owners be aware of when applying for loans?
Small business owners should be aware of the interest rate, terms of repayment, and any collateral required for loans.
How can small business owners in Wisconsin protect their finances from fraud?
Small business owners can protect their finances from fraud by regularly checking their accounts, using strong passwords, and working with a bank that prioritizes security.
Are there any tax incentives available for small businesses in Wisconsin?
Yes, there are several tax incentives available for small businesses in Wisconsin, including the Wisconsin Economic Development Corporation Tax Credit.
Can small businesses in Wisconsin access support for exporting and international trade?
Yes, the Wisconsin Economic Development Corporation offers programs and resources to support small businesses in exporting and international trade.
What steps should small businesses in Wisconsin take when applying for a loan?
Small businesses in Wisconsin should review loan options, research potential lenders, prepare a strong business plan, and gather all necessary financial documents.
Are there any grants available for small businesses in Wisconsin?
Yes, small businesses in Wisconsin can apply for grants through the Wisconsin Economic Development Corporation and the Wisconsin Women’s Business Initiative Corporation.
How important is it for small businesses in Wisconsin to establish credit?
Establishing credit is important for any small business in Wisconsin as it can help with loan applications and enhance financial stability.
Are there any funding opportunities available for startup businesses in Wisconsin?
Yes, there are several funding opportunities available for startup businesses in Wisconsin, including seed funding from organizations like NEWaukee’s The 88Nine Labs Accelerator.
How can small businesses in Wisconsin contribute to the local economy?
Small businesses in Wisconsin can contribute to the local economy by creating jobs, supporting local suppliers, and generating revenue.
Which banks in Wisconsin are best for small business?
Some of the best small business banks in Wisconsin are Associated Bank, Johnson Bank, and Waukesha State Bank.
What are some features to look for when choosing a small business bank in Wisconsin?
Some important features to consider when choosing a small business bank in Wisconsin include low fees, good loan options, and helpful customer support.
What types of loans do small business banks in Wisconsin offer?
Small business banks in Wisconsin offer a variety of loans including term loans, lines of credit, and SBA loans.
What should small business owners in Wisconsin consider when choosing a bank to work with?
Small business owners in Wisconsin should look for a bank with experience working with small businesses, competitive fees and rates, and digital banking capabilities.
Are credit unions a good option for small businesses in Wisconsin?
Credit unions can be a great option for small businesses in Wisconsin because they typically offer lower fees and rates than traditional banks.
What should small business owners in Wisconsin know when it comes to managing their finances?
Small business owners in Wisconsin should have a system in place for tracking expenses and income, establishing a budget, and ensuring they have enough money on hand to cover all expenses.
What is the difference between a small business loan and a personal loan in Wisconsin?
Small business loans are specifically designed for businesses and tend to have lower interest rates and longer terms than personal loans.
What are some common fees associated with small business bank accounts in Wisconsin?
Some common fees associated with small business bank accounts in Wisconsin include monthly maintenance fees, transaction fees, and ATM fees.
How can small business owners in Wisconsin keep track of their credit score?
Small business owners in Wisconsin should regularly check their credit report, make timely payments, and keep their credit utilization low.
What is the best way to apply for a small business loan in Wisconsin?
The best way to apply for a small business loan in Wisconsin is to work directly with a bank or credit union that offers favorable loan terms.
What documents are typically required when applying for a small business loan in Wisconsin?
When applying for a small business loan in Wisconsin, you may be asked to provide personal tax returns, business tax returns, business plans, bank statements, and financial projections.
How long does it usually take to get approved for a small business loan in Wisconsin?
The approval process for a small business loan in Wisconsin can vary depending on the lender, but it may take several weeks to several months to complete.
What are the benefits of choosing a bank with online banking capabilities in Wisconsin?
Online banking capabilities allow small business owners in Wisconsin to easily manage their accounts, access real-time reporting and administrative tools, and quickly transfer funds.
What should small business owners in Wisconsin look for when choosing a bank merchant services provider?
Small business owners in Wisconsin should look for a merchant services provider that offers fast payment processing, competitive fees, and good customer support.
What types of cash management solutions do small business banks in Wisconsin typically offer?
Small business banks in Wisconsin often offer cash management solutions such as lockbox services, online cash management, and ACH payment processing.
How can small business owners in Wisconsin keep their financial information secure?
Small business owners in Wisconsin should regularly monitor their accounts, create strong passwords, use two-factor authentication, and be cautious when responding to emails or phone calls requesting sensitive information.
What are some common accounting software programs that small businesses use in Wisconsin?
Some common accounting software programs used by small businesses in Wisconsin include QuickBooks, Xero, and Wave.
Can small business owners in Wisconsin take advantage of tax incentives?
Small business owners in Wisconsin may be able to take advantage of tax incentives such as the Small Business Health Care Tax Credit, the Research and Development Tax Credit, and the Dairy and Livestock Investment Credit.
How can small business owners in Wisconsin prepare for tax season?
Small business owners in Wisconsin should keep thorough records of income and expenses throughout the year, and work with a tax professional to ensure they are taking advantage of all available deductions and credits.
Can nonprofit organizations in Wisconsin work with small business banks?
Yes, nonprofit organizations in Wisconsin can work with small business banks to open and manage bank accounts, take out loans, and receive merchant services.
Do small business banks in Wisconsin offer overdraft protection?
Yes, many small business banks in Wisconsin offer overdraft protection as an optional feature.
What is the difference between a traditional bank loan and an SBA loan in Wisconsin?
SBA loans in Wisconsin are guaranteed by the Small Business Administration and tend to have more favorable rates and terms. Traditional bank loans are subject to the lender’s policies.
How can small business banks in Wisconsin help businesses manage their cash flow?
Small business banks in Wisconsin can help businesses manage their cash flow by offering cash management solutions, lines of credit, and other loan options.
Are wire transfer fees different for small businesses in Wisconsin?
Yes, wire transfer fees may be different for small businesses in Wisconsin depending on the size and type of transaction.
Can small business owners in Wisconsin get help with accounting and bookkeeping?
Yes, small business banks in Wisconsin may offer assistance with accounting and bookkeeping tools, or provide access to accounting professionals.
How can small business owners in Wisconsin qualify for financing options with more favorable rates and terms?
Small business owners in Wisconsin can work to improve their credit score and overall financial standing, and may be able to obtain financing through subsidized loan programs or grants.
What are some financial planning resources available to small business owners in Wisconsin?
Small business owners in Wisconsin can access assistance for financial planning through organizations such as SCORE or their local Small Business Development Center.
Can small business owners in Wisconsin take advantage of mobile banking services?
Yes, many small business banks in Wisconsin offer mobile banking services such as mobile check deposit, account alerts, and banking apps.
How can small businesses owners in Wisconsin improve their cash flow?
Small business owners in Wisconsin can improve their cash flow by reducing overhead expenses, collecting on outstanding payments, and using factoring or invoice financing services.

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Conclusion

As Wisconsin, also known as The Badger State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Wisconsin economy.

When looking for the best small business loans in Wisconsin, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Wisconsin LLC or growing your existing LLC in Wisconsin, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Wisconsin.

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