This page is meant to help business owners affected by COVID-19 navigate through available financial resources created and curated by our team of lending experts. You will find direct access to and applications for current relief programs. You will also find educational resources available through other organizations.
Please check back regularly as resources will continue to be made available to Wisconsin’s valuable business community.
If you have any questions about these resources or need help getting started, please contact a BLP staff member.
Business Lending Partners – Given the current impact of COVID-19 on local businesses, loan deferrals are being considered on SBA 504 loans. Deferrals of principal or principal and interest up to six months can be requested. The total amount requested to be deferred cannot exceed 20% of the original loan amount.
Business Lending Partners – Loan deferrals are being considered on current Revolving Loan Funds (RLF). Deferrals of principal up to six months can be requested.
Business Lending Partners – Were you aware the SBA 504 program has two different refinance products- with (no cash out) and without (cash out) expansion? In both cases the debt being refinanced must have originally been used for an eligible SBA use, building or equipment purchase and the borrower can tap into the assets’ equity for the loans required equity injection. If you have a prospect that is interested in refinancing their fixed asset, give one of our Loan Officers a call to discuss how a 504 loan can assist them.
Wisconsin Economic Development Corporation (WEDC) – In another step toward assisting small businesses that suffer losses related to the COVID-19 health emergency, the WEDC created a program to provide grants to targeted businesses throughout the state.
The WEDC Board of Directors approved $5 million in funding for the program known as Small Business 20/20 (SB20/20). The amount is $20k per business with less than 20 employees.
Small Business Administration – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, an Economic Injury Disaster Loan declaration.
SBA Size Standards: sba.gov/size
NAICS Listing: NAICS.com
NOTE: Borrower can apply for EIDL or Guarantee product – not both
Small Business Administration – The purpose of this grant is to keep employees on payroll, pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations including debts, rent, and mortgage payments.
Grants disbursed within 3 days of applying for Economic Injury Disaster Loan; No repayment required under any circumstance
Wisconsin Women’s Business Inititiative Corporation — WWBIC’s interest rate is higher than a traditional bank loan; however, all loan grantees have access to business consultants that can help guide businesses through a multitude of challenges. These loans also have no pre-payment penalities, so if you are able to refinance with a lower-interest loan, you can do so at any time.
U.S. Chamber of Commerce — The coronavirus is causing financial difficulties for businesses across the U.S. Here are five resources that can help you navigate this difficult situation.
Since 1983 Business Lending Partners (BLP) has administered nearly $600 million to 500+ businesses throughout the entire state of Wisconsin. BLP is the only Certified Development Company (CDC) headquartered in Southeast Wisconsin.
Contact one of our expert staff members and see how you, your business, or your client’s business can benefit from the financial opportunities we provide.