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Microloans can assist small businesses

Obtaining the necessary financing can often be a challenge for a small business or entrepreneur, particularly one that is a startup. The reasons include credit quality of the owners, the risk inherent with the nature and type of business, management experience of the owners, and size of the request.

Need $1,000 to $50,000 of capital to finance your business venture and unable to obtain your needed credit from traditional lenders such as banks and credit union? A microloan from Impact Seven, WWBIC or Women Venture may be a source of financing. Impact Seven and WWBIC are both U.S. Small Business Administration funded micro lenders with a statewide presence in Wisconsin. Women Venture, also SBA funded, is Minnesota based and will serve clients along the Wisconsin border. These microloans come with training, technical assistance and guidance to the small business owner or entrepreneur in reaching their goals. To learn more, visit impactseven.org and click "Business Lending," www.wwbic.com, or visit womentventrue.org.

If you need assistance with the application process or developing your business plan you can obtain free technical assistance from SCORE, UWRF Small Business Development Center or the Pierce County Economic Development Corporation.

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