Wisconsin has approved 39,733 EIDL applications totaling $3,215,893,209 in SBA EIDL loans.
The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program is a federal small business loan program that financially supports Wisconsin small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting Wisconsin businesses.
Wisconsin SBA EIDL Program
Wisconsin small businesses, small agricultural cooperatives, and most private nonprofit organizations located in Wisconsin’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in Wisconsin.
In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in Wisconsin can apply for Economic Injury Disaster Loans (EIDLs).
The Wisconsin loan is directly from the SBA is a low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses for businesses in Wisconsin.
Wisconsin EIDL Increase Requests and Loan Modifications
For a complete SBA EIDL Wisconsin loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your Wisconsin business qualifies for, please schedule a call with us directly.
In Wisconsin, there are varying factors to consider if your increase request is under $500,000, or over $500,000. These are very important factors you should know to maximize your chances of getting a “yes” for your Wisconsin company.
Contact us today to schedule a call with one of our SBA loan consultants to discuss the best strategy that will work for your business in WI.
Did Your Wisconsin SBA Disaster Loan Get Denied?
If you’re a Wisconsin business owner whose Wisconsin EIDL loan was denied from the SBA, you should know that it is possible to be approved after reconsideration. If your SBA application was rejected due to not meeting eligibility requirements or because your paperwork wasn’t complete, make sure to improve the way you present yourself before filing for reconsideration again.
The first thing that you should check is why your loan application was denied. Make sure to thoroughly read over the rejection letter they sent you so that it can help you better prepare next time around.
You can file for reconsideration for SBA EIDL loans, just make sure to fill out the application as accurately and thoroughly as possible to ensure your Wisconsin business receives funds.
Wisconsin SBA Loan Consultant for EIDL Loans
Wisconsin SBA EIDL loans are one of the easiest ways for small business owners in Wisconsin to secure financing, and they come with several significant advantages. For instance, approved businesses can easily access lower interest rates than those available through other loans. The current Wisconsin EIDL loan is set at 3.75%.
Also, Wisconsin EIDLs have much longer repayment terms (30 years). What’s more, many SBA loans are based on the equity already in place rather than requiring new investors or collateral. This means that businesses will not need to give up any ownership stake to get the financing they need to move forward.
For small businesses in Wisconsin, an SBA EIDL Wisconsin loan consultant is one of the best options to assist with SBA financing. The federal government offers guarantees on some of these loans, which makes them much easier to secure. They can also assist with WI tax credits.
Wisconsin Small Businesses in Need of EIDL Loan Increases or Reconsiderations
Wisconsin General Contractors
For general contractors in Wisconsin, construction contributed $14.2 billion (4.1%) of the state’s GDP of $347.3 billion. There were 706,000 construction firms in the U.S. in 2017, including 13,661 in Wisconsin.
The SBA’s Economic Injury Disaster Loan (EIDL) program offers up to a $2 million increase in loans to help businesses affected by a declared disaster. General Contractors can use these loans to pay for operating expenses, such as employee salaries, rent, and utility bills.
Wisconsin Hotels and Hospitality Businesses
Owners of hotels in Wisconsin, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in Wisconsin for 2021 is $350,807,675, which is down -63.5% due to the COVID pandemic and mandated shutdowns.
Wisconsin hotels generated $961,271,756 in 2019 when more people were traveling, which was +$610,464,081 more in revenue vs. 2021 Wisconsin Hospitality numbers.
Wisconsin Retail Stores
Wisconsin retail stores, monthly state retail sales are up 12.7% in 2021 over last year’s retail numbers for Wisconsin.
Wisconsin Restaurants
For Wisconsin restaurants, over 2,095 restaurant owners have received approval for $379,302,899 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.
The U.S. Small Business Administration (SBA) has awarded funding through the Wisconsin Restaurant Revitalization Program to Wisconsin restaurants, bars, and other similar places of business that serve food or drink in the State of Wisconsin (WI).
Conclusion and Summary for the EIDL Loan Approval Process in Wisconsin
Hiring an EIDL Loan Advisor in Wisconsin allows small business owners to focus on what matters most when growing their companies, and without having to worry about how they’ll secure SBA loan financing when they want or need it most. In a time of great need like COVID or other natural disaster that disrupts or damages their Wisconsin business.
Does Your Wisconsin Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?
Did you already receive a Wisconsin SBA EIDL loan for your Wisconsin business?
We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in Wisconsin.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in Wisconsin.
Was Your Wisconsin SBA EIDL Loan Denied?
Has your Wisconsin SBA EIDL loan been denied for your WI business?
We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in Wisconsin.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in Wisconsin.
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