SMALL Business Funding Opportunities
EDC SB2020 Grant Program
- WEDC's SB2020 Grant Program has $5 million in funding for small businesses. SB2020 will provide up to $20,000 to targeted businesses to help ease short-term cash flow challenges and protect jobs and public health in Wisconsin.
- Funds can be used to help cover rent, payroll expenses, and paid leave for employees. This program can be used in conjunction with other state response programs.
SBA Economic Injury Disaster Loan
- The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
- SBA's Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small aquaculture businesses, and most private non-profit organizations. This includes: businesses directly
affected by the disaster, businesses that offer services directly to the businesses in the declaration, and other businesses indirectly related that are likely to be harmed by losses in their community.
- Eligible businesses may qualify for loans of up to $2 million. Funds can be used for paying fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. It is important to note that this loan is not intended to replace lost sales or profits or expansion.
Eligible entities may qualify for loans of up to $2 million. Award amount is based on the size and type of business and its financial resources.
For-Profit Businesses: 3.75%
Non-Profit Businesses: 2.75%
Terms of up to 30 years
Kiva US Small Business Loans
Kiva is a 501(c)3 non-profit organization that aims to expand access to capital for small businesses. Kiva is offering 0% interest loans for up to $15,000 with grace periods of 1-6 months.
- Must live and operate in the United States
- Must be at least 18 years old
- Must use the loan for business purposes
- Must have a bank account
- Cannot currently be in bankruptcy
WWBIC Fast Track Loans
- The Wisconsin Women’s Business Initiative Corporation (WWBIC) is open for business virtually to all! For current and new small business clients, they are offering fast track loans up to $25,000!
- Please contact Michael Hetzel, Director of Lending: email@example.com for more details.
- More Information regarding the WWBIC Fast Track Loan will be available Friday, March 27.
Facebook Small Business Grant Program
Facebook is offering $100 million in grants to support over 30,000 small businesses in over 30 countries. Facebook will be accepting applications for grants in the coming weeks.
Business Resource Hub
Facebook also has created a Business Resource Hub to help businesses navigate through and build resilience during the COVID-19 outbreak. This hub includes a Resilience Toolkit, a Quick Action Guide, and Courses on a variety of topics.
Hmong Wisconsin Chamber of Commerce Emergency Loan Fund
The Hmong Wisconsin Chamber of Commerce (HWCC) has announced a new Emergency Loan Fund (COVID-19) in response to the negative impact that Coronavirus (COVID-19) has had on the Wisconsin business community. These funds are primarily used for working capital to cover rent, payroll, and other fixed expenses. This loan fund is similar to HWCC’s existing Revolving Loan Fund (RLF) Small Loan programs but with a slightly lower rate and an interest-only option for the first 3 months. Loans range from $5,000 and up to $10,000. For more information about terms and interest rates, please contact HWCC Operations Manager, Ger Thao: firstname.lastname@example.org
USDA Rural Development
U.S. Small Business Administration
The U.S. Small Business Administration (SBA) helps small business owners and entrepreneurs pursue the American dream. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.
SBA's COVID-19 Small Business Guidance & Loan Resources Page is an excellent resource for small businesses to tap into during the Coronavirus pandemic. It includes information or guidance for the following topics:
- Economic Injury Disaster Loan Program
- SBA Express Bridge Loans
- Guidance for Businesses and Employers
- SBA Products and Resources
- Government Contracting
- Local Assistance
SBA also provides an e-newsletter, subscribe here, that provides free small business tips, online training, and information.
Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by providing resources, operational support and financial assistance to companies, partners and communities in Wisconsin. Working with more than 600 partners across the state, including regional economic development organizations, academic institutions and industry clusters, WEDC develops and delivers solutions that help businesses, communities and people maximize their potential in Wisconsin.
The WEDC COVID-19 Business Resources Page provides the latest, best information to our clients and the citizens of Wisconsin on resources aimed at maintaining the vitality of the companies upon which our economy depends. WEDC plans to update this directory as new information and resources become available. Included on this page are resources available to Wisconsin businesses from WEDC and other local, state and federal agencies. WEDC can be reached via phone at (608) 210-6700, or on the web.
Wisconsin Small Business Development Center
The Wisconsin Small Business Development Center (SBDC) is an excellent resource for small businesses throughout Wisconsin. The Wisconsin SBDC offers consulting, education, referrals, sophisticated tools and resources, whether you’re just getting started or looking for ways to improve your business, visit the Wisconsin SBDC website for more information about how they can help your business.
The SBDC has created this COVID-19 Page to "anchor important resources and information amid quickly changing conditions and unprecedented measures during the COVID-19 pandemic." This resource page provides information and links to funding opportunities, provides resources for businesses impacted by COVID-19, and provides information about other organizations that can help during this time of need as well.