We know small businesses are facing challenges on a daily basis due to the COVID-19 pandemic. In addition to our deferment program specifically for WBD business borrowers, we offer this resource page for business borrowers to access financial aid information from state and federal programs.
Financial Assistance for Small Business:
- SBA Disaster Loan Program. The SBA is now providing Wisconsin and Minnesota small businesses with financial assistance through their Economic Injury Disaster Loan Program (EIDL). Eligible entities may qualify for loans up to $2 million to be used to pay fixed debits, payroll, accounts payable and other bills as needed. For more information on SBA Disaster Loans, click here. To view the SBA's latest newsletter, which provides more detailed information on small business assistance, click here.
- WEDC Small Business 20/20 Program. The WEDC now offers their Small Business 20/20 Program designed to provide immediate grant assistance to small businesses in Wisconsin impacted by COVID-19. This program will provide funds to Wisconsin-based Community Development Financial Institutions (CDFIs) to make grants of up to $20,000 to targeted businesses with no more than 20 employees to cover rent and to meet payroll expenses, including paid leave (including sick, family and other leave related to COVID-19). Please note, WBD Advantage Fund is no longer a CDFI. For more details on this program, visit wedc.org/sb2020. For a full list of business resources that the WEDC offers, visit https://wedc.org/programs-and-resources/covid-19-response/.
WBD Partner Resource Information:
- The SBA has a wealth of information on resources for small business on www.sba.gov/coronavirus. You can also view their recent bulletin by clicking here.
- Small Business Development Centers (SBDC) have developed a web page specific to the COVID-19 pandemic - click here.
- Wisconsin Women's Business Initiative Corporation (WWBIC) is responding to inquiries. Visit their site at https://www.wwbic.com/
- SCORE Southeast Wisconsin and SCORE Madison can also help advise small business, or visit www.score.org to find an advisor.