Business Loans for Women in Wisconsin
Women-owned businesses in Wisconsin can draw upon a wealth of available assistance for help in starting, expanding and financing their business. Help in locating and applying for loans is important, but the first step is preparing for a loan application. This includes a business and financial plan and developing management skills.
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Business and Financial Planning
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Financial planning is important for all business owners. Business and financial planning requires skills that not all female business owners possess. The business owner must describe her product and the features that make it better than competing products. Two important parts of a business plan, market analysis and the financial statements, may require assistance. Lenders want to know that the owner understands her market, and financial projections assist in determining the amount of loan funds needed. The balance sheet, which documents her business assets, liabilities and equity investment, is important, as lenders will want to see that she has money invested in her business.
Loans for Wisconsin Female Business Owners
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To locate loan funds in Wisconsin, the female business owner should start with two resources: the Wisconsin Department of Commerce: Resources for Women Entrepreneurs, and the Wisconsin Women's Business Initiative Corporation (see Resources). They offer loans, business assistance and referrals to other resource groups that provide support to women-owned businesses.
An important national loan resource for women-owned businesses is the U.S. Small Business Administration, which provides Small Business Development Centers in all U.S. states for local access to its loan and business assistance programs (see Resources).
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Micro Loans for Financing
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Small, micro loans are available to women-owned businesses. One program, Accion USA. (see Resources), offers loans of up to $50,000 in 2011, for inventory, working capital, equipment and supplies.
The Small Business Administration offers a micro loan program (see Resources) for working capital funds, that are provided by certified banks with a government guarantee.
Economic Development Loans
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Wisconsin's economic development corporation provides loan assistance to women-owned businesses through its Wisconsin Women's Business Initiative Corporation (see Resources). It provides business assistance and loans up to $100,000 in 2011. It requires that the business has a history of successful operations and a good credit history and operates in Wisconsin.
Interested business owners may qualify and apply online for loans and for business assistance programs.
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References
Resources
- Wisconsin Women's Business Initiative Corporation: Home Page
- State of Wisconsin Build Your Business: Financing Resources
- Accion USA.: Small Business Lending
- U.S. Small Business Administration: Small Business Loan Programs
- Make Mine a Million: Women-Owned Business Resource
- Wisconsin Department of Commerce: Business Development
- U.S. Small Business Administration: Small Business Develoment Centers Program
- Photo Credit executive business women in conference or meeting image by jimcox40 from Fotolia.com Making a financial plan image by Allen Stoner from Fotolia.com
