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The Best Small Business Loans in Wisconsin

Small businesses are the lifeblood of our local economies throughout the state of Wisconsin. There are many different types of business loans that can help you reach your unique goals. As one of the top banks providing small business loans in Wisconsin, the team at First National Bank and Trust wants you to know more about the options available to find the best one to help your business thrive.

couple meeting with a business lender

Types of Small Business Loans in Wisconsin

Short Term and Long Term loans are general, but let’s dive into specific types of financing that can be offered as short term loans, long term loans, or either type depending on the financing need.

Commercial Real Estate Loans

These funds are borrowed for the specific purpose of setting up a new facility, storefront, or an additional location for an existing business. To qualify for a commercial real estate loan, a lender will look at the longevity and finances of the business, the property’s characteristics, and the business owner’s personal finances. Read more about how to get a commercial real estate loan. 

Working Capital Loans

A working capital loan, also known as an operating capital loan, provides businesses with a short-term influx of cash for certain qualifying expenses. A lender will provide examples of how you can use the funds. Examples may include payroll, advertising, rent or restocking. The longer a company has been in business successfully and the better the owner’s credit score, the easier it may be to qualify for a working capital loan. These funds can help cover day-to-day expenses or support a business’s finances during seasonal fluctuations in sales.

Equipment Loans

Equipment loans help businesses purchase necessary equipment for their operations. Under this agreement, the equipment itself can be accepted as collateral for the funds. This type of loan is common for industries that rely heavily on expensive equipment, such as construction or manufacturing. The repayment term for equipment loans runs two to seven years.

Construction Loans

A construction loan can provide funds to renovate an existing location or construct a brand new building. Just like home construction loans, the funds aren’t provided in one lump sum, but disbursed in a series of scheduled payments called draws. In determining qualification and interest rates, the lender will look at the business owner’s personal credit score, business credit, and debt-to-income ratio.
Starting and owning a small business is a passion for many people, and at First National Bank and Trust, we’re here to help you realize your growth goals. If you’re looking for a small business loan in Wisconsin, we have convenient locations in Beloit, Clinton, Delavan, Darien, Elkhorn, Janesville, Monroe, Argyle, Walworth, and Williams Bay. Our talented team of professionals would be happy to discuss your business finance needs and any possible next steps.