Here’s a look at the ten biggest small business lenders in Wisconsin that support business development and growth.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
For those that live and operate businesses in Wisconsin, there are a lot of reasons to do so. The state is an upper Midwestern state that sits on the shore of Lake Michigan and Lake Superior. Milwaukee is the largest city here, though Green Bay and Kenosha are other larger areas as well. The state, called the Badger State, is very diverse, with a wide range of geographical areas, including open plains and dense forests. There are some exceptional coastlines here for tourism, fishing, and other waterfront activities as well. The state is known for its cheese production as well as its beer. All of these are key reasons to decide to operate a small business here.
When it comes to the area’s economic structure, there are a lot of fantastic industries present here. That includes agriculture, which sees a specific development of cranberries and dairy, as well as information technology, healthcare, manufacturing, and tourism. While companies like Miller Brewing Company are noted large businesses here, there are a lot of small businesses that play an impressive role in the area as well. The U.S. Small Business Administration shares that there are 462,292 small businesses operating in the state. These businesses produce 1.3 million jobs, which is a significant number of the state’s population of nearly 5.9 million people. These jobs have a payroll of $53,282,495 and are critical to the area’s overall economic health.
For these companies, having access to financial tools and services is critical. A large number of small business lenders in Wisconsin are ready and willing to help these organizations. According to data for the last three years from the Small Business Administration, there are 3,896 active loans in the state for small businesses, with a total loan volume of $2,302,036,443. The average size loan in the state is $667,874. These funds may be beneficial in various ways, such as helping to fund capital improvements, create new products or services, and refine operations.
A small business loan is a specific type of funding option designed to support companies that have under 100 employees, typically. Wisconsin small business lenders are numerous and include small to large banks and credit unions, private lenders, and specialized financial institutions. These lenders work to provide capital in various forms to borrowers, including providing a wide range of competitive interest rates, borrowing terms, and various flexibilities to help support business growth and development.
Who can obtain a business loan in Wisconsin? Generally, lenders establish the guidelines they require borrowers to follow. They will often create a very specific list of requirements that allow for the creation of a loan that fits the needs of the borrower. This often will impact the interest rate on the loan, which is the cost of borrowing the funds.
Some of the things that lenders look for when determining the qualifications of a company for a small business loan include a business plan that outlines the company’s organizational structure, product types and services, competition, and overall market analysis. Lenders also take a look at the company’s financial information, including bank statements and tax returns, to get a better idea of how the company manages its finances. This information also helps the Wisconsin small business lender to determine how much they can lend based on the risks involved.
As a business owner, it is possible to apply for a range of different types of loans based on your funding needs. For example, many companies turn to Small Business Administration loans. These are government-backed loan programs aimed to help support established companies to grow. They tend to be easier to qualify for and have interest rates that are comparable to non-collateral loans.
It is possible to obtain a collateral-based loan, such as for buying real estate or equipment. Some lenders may prefer to offer these because the assets help to secure the loans, reducing risk. Another option is a line of credit, which allows the company to obtain credit that they can use repeatedly over a period of time.
Overall, the most common small business loans in Wisconsin include:
Whether you’re starting a new company in Madison, Milwaukee, or elsewhere in the state of Wisconsin, review all your small business loan options as part of the bigger business financing picture. Look into the Wisconsin Economic Development Corporation or the WWBIC for other business resources or financial assistance help. Your local community development center or small business development center (Sbdc) may have more information on local incentives and financing options, including if you run a non-profit organization.
If you have a new business, it may be hard to get loans approved because lenders want to see that you have a record of earning revenue. Some grant programs and tax credits, however, may help you get things started and to get through that first year. If you get some cash flow and some proof that your company brings in annual revenues, you can use that information to apply for small business loans.
For small business owners and entrepreneurs, as you take into consideration the types of loans available to you, always focus on the lender and the terms and conditions available. Some lenders are simply easier to work with, while others can provide different funding options for you.
| Rank | Bank Name | # of Wisconsin Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Nicolet National Bank | 97 | 4.58% | $584,251 |
| 2 | U.S. Bank | 75 | 6.12% | $144,564 |
| 3 | Community State Bank | 64 | 4.79% | $308,370 |
| 4 | Hiawatha National Bank | 54 | 4.22% | $452,081 |
| 5 | Citizens Community Federal | 53 | 5.21% | $772,436 |
| 6 | Summit Credit Union | 52 | 5.25% | $209,771 |
| 7 | Bank Five Nine | 51 | 4.87% | $731,888 |
| 8 | Byline Bank | 51 | 5.85% | $1,129,039 |
| 9 | Hometown Bank | 50 | 4.48% | $693,844 |
| 10 | Waukesha State Bank | 44 | 5.79% | $644,409 |
With over 50 physical branches in Michigan and Wisconsin, Nicolet National Bank is able to provide for the needs of all of its customers. Nicolet National Bank also has a fully online banking service available anywhere that can help with all banking needs, including loans and personal and business accounts.
We reached out to Nicolet National Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
First coming into existence in 1863 as the First National Bank of Cincinnati, U.S. Bank now operates in 26 states across the country. U.S. Bank offers a number of products and services to meet customers’ needs, including small business loans and personal banking solutions, including checking and savings.
We reached out to U.S. Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
With seven locations in Wisconsin, Community State Bank is able to meet the needs of its customers as it has since 1898. With a wide variety and products and services available to meet the needs of its customers, such as small business loans, mortgages, credit cards, and personal checking accounts.
We reached out to Community State Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Started in January 1896 as the First Bank of Fleetwood, Hiawatha National Bank has been working to meet the needs of its customers since. Founded in Wisconsin, Hiawatha National Bank now has 7 branches in the region to meet its customer’s needs in personal and business banking.
We reached out to Hiawatha National Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Based in Minnesota and serving Minnesota and Wisconsin, Citizens Community Federal is able to meet the needs of its customers with its wide variety of products. Citizens Community Federal offers a number of items, including small business loans, personal checking and savings, and mortgages, as well as other products.
We reached out to Citizens Community Federal to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
As a small business grows, there is often the need for guidance and support from third party resources. In Wisconsin, there are a few exceptional options that can help to support your business as it grows and develops.
The Small Business Administration in Wisconsin is one of those ideal organizations. It offers a range of exceptional resources designed to help businesses to achieve their best outcome by providing educational programming, guides, and help with federal contract certifications. This organization is available locally but also offers a wide range of resources online.
Another option is SCORE, an organization that offers exceptional connectivity for business owners to successful, proven experts in the field. For those who are looking for a mentor, this is a great place to find one. They also offer outstanding tools, webinars, workshops, and educational programming to support businesses both in their Appleton main office and online.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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