WWBIC rolls out loan program for veterans

The Wisconsin Women’s Business Initiative Corporation has partnered with the Wisconsin Veterans Chamber of Commerce to offer loans of up to $25,000 to veteran-owned businesses.

The WWBIC Veteran’s loan fund is for entrepreneurs and business owners needing business assistance and is open to veteran business owners seeking capital to grow their company. The loan fund offers loans of up to $25,000 with an interest rate of 5 percent and can be combined with other WWBIC funding sources for a maximum loan of $250,000.

Wisconsin has more than 30,000 veteran-owned businesses, making up nearly 11% of all small businesses in the state, WWBIC Veterans Business Outreach Center co-director Dan Newberry said in a statement.

“These loan funds will prove helpful in providing that working capital and startup funds that are often difficult to secure,” WWBIC president and chief visionary officer Wendy Baumann said in a statement. “This loan capital along with WWBIC’s business and financial education programming and support through our WWBIC Veteran’s Business Outreach Center (VBOC) will bode well with our strong partnership with the Veteran’s Chamber of Commerce.”

WWBIC is a Milwaukee-based economic development corporation with a primary focus on women, people of color, veterans, and low-income individuals. The organization provides direct lending and access to capital, business education, one-on-one technical business assistance and education to increase financial capability.

Since 1987, WWBIC has lent over $77 million in micro and small business loans with a current loan portfolio of $24 million and over 570 active borrowers.

The Wisconsin Veterans Chamber of Commerce is a membership-based business organization supporting veteran-owned and veteran-friendly businesses across the state. The organization advocates for Wisconsin’s veteran business community and promotes economic opportunity for military veterans, military families and veteran-friendly businesses.

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