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Find the Best Business Loan Companies in Beaver Dam, WI

Whether you want to open a quirky retail shop in downtown Beaver Dam or a yoga studio in Fox Lake, a business loan can help make it a reality. WiscNews has partnered with ConsumerAffairs to create this guide by comparing the customer reviews and loan selections of 21 businesses and choosing 10 favorites from the best commercial lending companies in Beaver Dam.

Companies pay ConsumerAffairs to be accredited, and WiscNews and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

Compare Beaver Dam Commercial Lending Companies

Types of business loans in Beaver Dam

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Part of creating a business plan is figuring out how you are going to get money for your venture. Luckily, there are many different financing options that Beaver Dam residents can use to help fund their new businesses:

  • Business real estate financing: Commercial mortgage loans are designed to make construction and real estate affordable for business owners. If you're ready to expand from your home office to a more traditional workplace, a commercial mortgage loan can help you pay for it.
  • Business vehicle loans: If your business requires you to have a specific vehicle, you can apply for an equipment financing loan. These loans are designed to give business owners the money they need to purchase specialty equipment, like commercial vehicles.
  • Startup business loans: Startup loans can provide new businesses with the capital to buy things like equipment, machinery, office supplies and even real estate.
  • Merchant cash advances: Merchant cash advances help Beaver Dam business owners get cash quickly without having to wait through lengthy approval processes or meet strict credit score requirements. However, borrowers usually end up paying 20% - 40% more than they borrowed due to interest and fees.
  • SBA loans: The Wisconsin government has established many different programs and loans to help fledgling business owners get the money they need. To qualify, you typically need to have a solid credit score and proof of business revenue. If you’ve defaulted on other government loans, like student loans or certain mortgages, you’re disqualified. The average SBA loan amount is $107,000, according to the Federal Reserve.
  • Short-term business loans: If you only need a small loan and intend on paying it back quickly, a short-term business loan might be a good option for you. These loans are usually less than $250,000 and the approval process is shorter compared to long-term business loans. On the other hand, long-term loans can be paid back over up to 10 years, have lower monthly payments and are typically in the $500,000 range.
  • Business credit cards: Opening a business line of credit or credit card allows you to only borrow what you need instead of taking out a predetermined loan amount. While the application process can be detailed and time-consuming, business credit cards can help balance your cash flow when things are slow.

Keep in mind that these are just a few of the different types of business loans available to Beaver Dam residents. You may also consider accounts receivable loans, business acquisition loans, business invoice financing and business microloans.

Make sure you understand all of the terms and interest rates on your loan contract before signing on the dotted line. A business loan could be the help you need to get established in Beaver Dam, but it is a significant financial decision that you should research and think about carefully.

How to get a business loan in Beaver Dam

The next step in getting a business loan is determining who you want to borrow from. You may want to use an online lender, or you may want to work with a local bank in Wisconsin. The process for getting a business loan differs a little from lender to lender, but here are a few hurdles you can expect as you apply for financing.

  • Documentation: Part of applying for a loan is getting all of the required paperwork together to help the lender determine how much they’ll let you borrow. Expect to provide proof of tax returns, bank statements, legal documents (like your commercial lease or franchise agreement) and recent financial statements.
  • Credit Score: Just like with a personal loan, credit card or mortgage, your credit score determines how much you qualify for, your interest rates and your repayment terms. Different types of loans have different minimum credit score requirements. For example, most SBA loans require at least a 620 credit score, while you can qualify for a line of credit with a score of just 560.
  • Annual Revenue: Another thing lenders look at before approving your loan is your annual revenue because they want proof that you have a consistent income to pay back your loan on time. This annual income requirement varies by lender, but it is usually between $25,000 and $150,000.

Once you gather your documentation, review your credit score and check that you meet all requirements, it’s time to apply. Online lenders make it easy to submit your info and know within a day (sometimes within the hour) if you are approved. If you’re working with a traditional bank, you usually need to make an appointment to apply.

Beaver Dam business loan FAQ

How do business loans work?

Business loans work a lot like personal loans, but they are specifically allocated to entrepreneurs to help pay for business expenses. A business loan helps give you the capital you need to buy supplies, office space, inventory and equipment. There are many different types of business loans, all with their own rules, interest rates and repayment terms. In general, you apply for a business loan, provide the necessary documentation and, if you’re approved, receive funding. Then, you pay back that amount, plus interest and fees, on a previously determined schedule.

What is a 7(a) loan?

7(a) loans are specifically for small businesses. 7(a) loans are backed by the government, which guarantees 85% of loans up to $150,000 and 75% of loans over $150,000. To be eligible for this type of loan:

  • You must meet the SBA’s definition of a small business.
  • You cannot be a nonprofit.
  • You must have proof that you will use the loan for business purposes.
  • You can't have any existing debt obligations or be delinquent on any government loans.

What is the average loan amount for a small business?

According to data from the Federal Reserve, the average small business loan amount across banks in the U.S. is $633,000, but this number varies significantly based on the type of loan in question.

What business development resources exist in Beaver Dam?

In Beaver Dam, there are several resources and programs to help entrepreneurs and small business owners establish roots in the community. The Beaver Dam Chamber of Commerce provides year-round programming and events, and the Wisconsin Small Business Development Center provides educational and consulting services.

Beaver Dam business loan company information

Accredited Partner

SmartBiz Loans

SmartBiz Loans is an online banking network specializing in SBA loans and bank term loans. Qualifying businesses must have been operating for at least two years, have at least $100,000 in annual revenue, and have credit scores of 640 or higher. Interest rates depend on the loan amount, but for working capital 7(a) loans, expect to pay 6% on loans up to $350,000 and 7% on loans up to $50,000. SmartBiz Loans allows business owners to get up to $5 million.

SmartBiz Loans Learn More (866) 283-8726
Accredited Partner

National Business Capital & Services

National Business Capital & Services is a small business loan and service marketplace. The company offers business loans, equipment financing and business lines of credit. When you apply, you are instantly connected with more than 75 lenders who can help you find the right rates and terms. Applying is simple, and you should receive multiple offers from real-time lenders right away. Get the financing you need in as little as 24 hours. National Business Capital & Services connects business owners to loans up to $5 million.

National Business Capital & Services

Currency

Currency specializes in equipment financing. Terms are for 24 to 72 months, and the amount of equipment you can finance is based on your business credit score. This company’s CurrencyAir program finances aircraft, and its CurrencyPay platform is designed for buying and selling heavy equipment and machinery. With Currency Finance loans, you can receive up to $500,000.

Currency

Summit Credit Union

Summit Credit Union specializes in real estate and commercial construction loans, investment property loans and business lines of credit. This company offers automatic payment options and an innovative online platform that helps you keep track of your payment options. All of the company’s loan rate and interest information is located right on its website, as well. Summit Credit Union’s closest office is at 104 Frances Lane, Beaver Dam, WI 53916.

Summit Credit Union

Opportunity Business Loans

Opportunity Business Loans connects business owners with an expansive network of lenders to help them find the right loan for their needs. The company works with lenders who don't have hidden fees or penalties for prepayment, and these lenders offer loans of $3,500 to $250,000 with term lengths of two to 10 years. Opportunity Business Loans also offer business lines of credit and invoice factoring.

Opportunity Business Loans

Badger Bank

Badger Bank offers SBA Loans for startups and refinancing options for established businesses. It also offers business lines of credit with customized repayment options and flexible finance terms. This company specializes in offering government-assisted programs for business owners and entrepreneurs that may not typically get approved for traditional business loans. If you are building or buying property for your new business, it can help finance commercial real estate purchases, as well. Badger Bank has four locations in Wisconsin, including one at 545 Village Walk Lane, Johnson Creek, WI 53038.

Badger Bank

Hometown Bank

Hometown Bank is a preferred SBA lender, but it also offers government-guaranteed loans for commercial real estate, fixed assets, financing equipment, working capital and debt refinancing. The company’s online business toolbox lets you access resources such as calculators, business expansion guides, documentation and forms to help move your business forward. Hometown Bank has several locations in Wisconsin, including one at 245 North Peters Ave., Fond du Lac, WI 54935.

Hometown Bank

Park Bank

Park Bank has products and services designed to help businesses of any size, including commercial real estate loans, construction loans, lines of credit and letters of credit. The company also assists with wealth management, and it offers a variety of business services to streamline your new endeavor. Park Bank has several area locations, including one at 110 North Grand Ave., Sun Prairie, WI 53590.

Park Bank

BMO Harris Bank

BMO Harris Bank has a solid history of helping Wisconsin business owners get the funding they need. You have multiple options for collateral, and you can choose a fixed- or variable-rate term loan. Consider using the company’s online tools and calculators to determine how long your loan term should be, how long it will take to repay and the costs and savings of loans and lines of credit. The lender has flexible financing offers and available loans for $25,000 to $1 million dollars. Visit BMO Harris Bank’s local branch at 120 Park Ave., Beaver Dam, WI 53916.

BMO Harris Bank

Wisco Funding

Wisco Funding specializes in flexible business financing, including term loans, unsecured business loans and asset-based lines of credit. Getting a loan is free and easy, with approvals available in 2 to 4 hours. You can borrow up to $1 million and choose loan terms of three to 120 months. However, there is a minimum revenue acquirement of $10,000 per month. Wisco Funding is located at 11414 W. Park Place, Ste. 202, Milwaukee, WI 53224.

Wisco Funding