Whether you’re starting a new business or expanding your current one, a business loan helps move your company forward. It’s essential to choose a business loan with minimal fees and the right terms for your company. Our partners at ConsumerAffairs researched the best business loans in Milwaukee to help connect you to capital.
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Milwaukee is a popular place for those starting a business. There are a variety of state, local and federal programs designed to help companies in the region, and Entrepreneur magazine ranks Milwaukee as one of the best urban areas for entrepreneurs.
If you’re planning to start a new business or expand an existing one, you may need a business loan to secure the necessary funding. There are many types of loans, and choosing the best one for your situation can be confusing. The most common business loans in Milwaukee are:
Term loans are the most common types of business loans. These loans provide upfront cash that is paid back over a predetermined period of time. They can be short-term or long-term loans.
Business lines of credit are similar to credit cards. They allow businesses to access funding up to a specified amount, and the company only pays interest on the amount used.
Invoice financing is ideal for companies that need a quick infusion of cash. The company’s outstanding invoices serve as collateral for the loan.
Merchant cash advances give a company cash upfront that is repaid by withholding a certain percentage of the company’s daily credit and debit card sales.
Equipment loans are used to purchase needed equipment. These loans may require a down payment, and the purchased equipment serves as collateral for the loan.
U.S. Small Business Administration (SBA) loans are offered from third-party lenders and partially secured by the U.S. Small Business Administration. These are generally long-term loans with a rigorous application process.
Even if you have a bad credit history, you may be able to receive a loan from an alternative lender in Milwaukee. Alternative lenders often have online applications for business loans and focus on a company’s business plan and viability more than credit history or rating.
You’ll need to decide between a fixed-rate or a variable-rate loan. Most loans will have monthly installments, but your interest rate can fluctuate with the market if it’s a variable-rate loan, making fixed-rate loans favorable for most business owners because of its consistency. However, a variable-rate loan can benefit your company by having a lower rate during favorable market conditions.
Most lenders in Milwaukee charge fees on your loan, but the type and amount may be different. When comparing loans, look for origination fees, underwriting fees and closing fees, all of which can affect how much funding you receive from your loan. The total cost of fees should be between 1 and 5 percent of the amount you’re borrowing.
Seek Business Capital is a company that provides consulting, business viability assessments and funding procurement for small businesses. The company provides funding estimates in as little as two hours. Customers in Milwaukee say that Seek Business Capital’s employees are highly professional and provide help customized for your business.
Imperial Advance is an A+ accredited business by the Better Business Bureau with no-obligation offers so you can see your options before committing. Funding is fast and often available within 24 hours. Imperial Advance also provides financial counseling for your business. Reviews from Milwaukee business owners praise the lender’s simple application process.
National Business Capital has more than 10 years of lending experience and specializes in small business loans, business lines of credit and equipment financing. The company has a network of more than 75 lenders that offers loans to businesses. Customers in Milwaukee say National Business Capital’s loan specialists are friendly and easy to work with.
Wisco Funding is a Wisconsin-based lender that provides Milwaukee residents with unsecured loans and business lines of credit. This company makes funding available in as little as two to four hours. Clients of Wisco Funding appreciate the knowledgeable employees and variety of available loan products.
BMO Harris Bank
BMO Harris Bank is a traditional bank with many lending options, including small business loans and lines of credit. The lender offers free loan consultations to help set you up with the right loan for your company. Customers in Milwaukee give the bank high marks for its friendly employees and quick, professional service.
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