U.S. Small Business Administration
The Small Business Administration has now declared the entire State of Wisconsin eligible for Economic Injury Disaster Loans. SBA Loans will be available to assist Wisconsin businesses and private, non-profit organizations to help alleviate the economic impacts of the COVID-19 outbreak. Loans of up to $2 million will be available to business with 500 employees or less. The loans will be for working capital purposes. The interest rate is expected to be 3.75% for businesses and 2.75% for eligible non-profits, with repayment terms of up to 30 years. Applications are available online (and in print).
WMC | WCCE COVID-19 Small Business Administration Webinar: Click here to listen
Basic Filing Requirements
Complete copies of most recent Federal Income Tax Return
For more information and to apply online visit the Small Business Administration website. Note, it is suggested to gather all information in advance and to save often when filling out the online application because there is a timeout if there is no activity within a specified period.
The Wisconsin SBDC has also established a homepage and portal to accept applications at https://wisconsinsbdc.org/services/covid-19/. Any business requiring assistance will be directed to the appropriate SBDC staff. The Waukesha County Center for Growth will provide assistance both through its Waukesha based staff, and additional resources within the Wisconsin Small Business Development Center. Contact Lucy Waldhuetter, Business Consultant at firstname.lastname@example.org or Tim Casey, Director of Economic Development at email@example.com with any questions. Bob Duffy, Economic Development Director for the City of Oconomowoc is another resource for questions - contact firstname.lastname@example.org.
City of Oconomowoc Business Resource Center
The City of Oconomowoc has created a COVID-19 Business Resource Center to keep the business community informed of changes occurring daily and to assist and connect businesses with Federal, State and Local resources they need during this time. Visit the City's COVID-19 Business Resource Center.
Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) approved $5 million in funding for a program known as Small Business 20/20 (SB20/20). SB20/20 will provide 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). The grants will be deployed by partnering with community development financial institutions (CDFIs), which will provide the grants quickly and directly to their clients. Waukesha County Center for Growth works with MEDC, our CDFI partner on other programs. MEDC advises that this limited grant program is only available to existing clients currently. More info at: https://wedc.org/programs-and-resources/small-business-2020/.
Please contact Bob Duffy at email@example.com , Lucy Waldhuetter, Business Consultant at firstname.lastname@example.org or Tim Casey, Director of Economic Development at email@example.com with any questions. We will be providing updated information as programs are approved and become available.
Governor Evers issues Safer at Home Order
Wisconsin Manufacturers & Commerce (WMC), its trade association partners and local chambers hosted a business coalition update call with WEDC Secretary & CEO Missy Hughes. Sec. Hughes detailed Gov. Evers "Safer at Home" order and explained how it applies to the business community. Click here for webinar.