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COVID-19 Fast Track Loan Program

Loans to Wisconsin Businesses for
Support During the COVID-19 Crisis

Agency Type:

Foundation / Corporation

Funding Source:

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Wisconsin Women’s Business Initiative Corporation (WWBIC)

Deadline Date:

06/30/20

Description:

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Loans of up to $15,000 and lines of credit of up to $10,000 to Wisconsin businesses for financial support during the Coronavirus (COVID-19) pandemic. The purpose of this program is to provide flexible capital or a lump sum to local businesses that have been impacted by COVID-19.

The WWBIC COVID-19 Fast Track Loan Program is focused on existing businesses looking for business financing during COVID-19. Business owners have two options to pick from depending on their needs: a line of credit or a term loan.

GrantWatch ID#:

GrantWatch ID#: 189334

Estimated Size of Grant:

- Line of Credit: Minimum of $5,000. Maximum of $10,000.
- Term Loan: Minimum of $5,000. Maximum of $15,000.

Term of Contract:

Line of Credit:
- Term of 12 months
- Line of credit can be renewed for a 1% fee charged at the time of renewal
- Line of credit can be modified to a 48 month term loan at no cost only after the initial 12 month interest only period

Term Loan:
- Term of 60 months
- Client makes interest only payments for the first 12-months; for the remaining 48 months, the loan is fully amortized

Pre-Application Information:

This program is available starting March 30 through June 30, 2020.

Note: There is a nonrefundable $75.00 loan application fee required to process your application paid via PayPal.

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

Apply at: https://www.wwbic.com/business-lending/loans/

If you have any questions completing the application please contact a loan officer at 414-263-5450.

Mike Hetzel
Director of Lending
info@wwbic.com

An Nguyen
Assistant Director of Lending
info@wwbic.com

URL for Full Text (RFP):

Geographic Focus:

USA: Wisconsin

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