SmartBiz Loans
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National Business Capital & Services
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Currency
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Oak Bank
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Capitol Bank
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IncredibleBank
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Park Bank
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Town Bank
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Not all business loans are the same. Some loans are designed specifically to help you pay for equipment and machinery, while others are made to help you buy real estate or fund construction projects. Some of the most common types of business loans in Madison are the following:
Getting a business loan to open up a restaurant on State Street near the Capitol will look different from getting a loan to start a dairy farm in Dane County.
The application process varies depending on the type of business loan and the lender, but all lenders will need information about your financial status, business plan and credit history to determine if you qualify. Some documents you will be asked to submit during your application process include:
Consider checking your individual and business credit history for accuracy and ways to improve your credit score before applying for a business loan in Madison. Shop around at multiple lenders to find a loan with the most favorable terms for your situation.
Who is eligible for small business loans?
To be eligible for a 7(a) loan from the Small Business Administration — the primary type of small business loan guaranteed by the federal government — a business must operate for profit, do business in the U.S. or a U.S. territory, have owner equity to invest and use other financial resources before asking for assistance.
What is the typical interest rate on a business loan?
Different loans have different interest rates, but the average interest rate for an SBA loan is 6% to 10%. Interest rates for cash advances can be anywhere from 20% to 250%, and traditional bank loans have interest rates from 4% to 13%.
How do business loans work?
Business loans are designed to give entrepreneurs and small business owners the funds they need to cover business-specific expenses. This money can be used toward buying commercial property, supplies or equipment. It can also be used for payroll, inventory or to pay existing debts.
What business development resources exist in Madison?
For assistance with business planning, marketing workshops, online and in-person classes, networking events and financing, Madison business owners should check out the following resources:
SmartBiz Loans |
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SmartBiz Loans offers term loans and SBA loans to qualified applicants. These loans can be used for various business expenses. The company’s advanced matching technology matches business owners with trusted banks that provide funds. SmartBiz Loans offers loans ranging from $30,000 to $5 million and repayment terms of six months to 25 years. |
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National Business Capital & Services |
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National Business Capital & Services is an online marketplace for many types of small business loans. Applying takes only minutes, and you are connected with a network of 75-plus vendors that can help find the right funding. Business owners can apply for a loan up to $5 million with National Business Capital & Services. |
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Currency |
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Currency offers multiple funding options for entrepreneurs in need of equipment financing. You can get funding for specialty equipment and heavy machinery. Currency offers loans up to $500,000. The company also offers programs with 0% interest. |
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Oak Bank |
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Oak Bank offers business loans and lines of credit. These loans can be used for real estate purchases, new construction, working capital, business expansion or equipment financing. The lines of credit allow business owners to only borrow the money they need and pay interest only on what’s taken out. The company offers short-, intermediate- and long-term commercial loan options. Oak Bank is located at 5951 McKee Road, Ste. 100, Fitchburg, WI 53719. |
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Capitol Bank |
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Capitol Bank’s term loans can be used for equipment leasing, vehicles, renovations or new building. The company also provides business lines of credit and SBA loans. It offers business term loans with a maximum loan amount of $350,000. Capitol Bank has two nearby locations, including one at 710 N. High Point Road, Madison, WI 53717. |
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IncredibleBank |
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IncredibleBank has financing options for growing, expanding and starting a business in Madison. The company’s business term loans range from $2,000 to $5 million. Repayment terms are typically up to 10 years. The company also offers commercial construction and real estate loans, SBA loans and business lines of credit. IncredibleBank is located at 8329 Murphy Drive, Middleton, WI 53562. |
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Park Bank |
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Park Bank offers commercial real estate loans, construction loans, lines of credit and term loans. The company’s business credit cards have no annual fee, and the bonus points earned can be used toward business expenses. Park Bank has several locations in and around Madison, including one at 33 E. Main St., Madison, WI 53703. |
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Town Bank |
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Town Bank offers multiple SBA loans and lines of credit. Business credit cards come with tools and programs to help business owners track their expenses, monitor spending and assist with tax filing. Town Bank has multiple locations in Wisconsin, including one at 10 W. Mifflin St., Madison, WI 53703. |
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