Direct Lending Program
The WBDC knows that access to capital is critical for business success. We provides loans to small businesses who otherwise cannot get a loan from a bank. Typically this is because:
- the loan amount is too small (less than $50,000) or
- the business is too new (operating less than 2 years).
Loans are available to small businesses located in Northwest Illinois and targeted towards businesses with less than $1 Million in annual revenue. Businesses, including start-ups, may be eligible regardless of time in business, or size of business.
“You ACTUALLY help small businesses.You don’t just say that you do.”
~WBDC borrower who received a $20,000 for working capital to serve a new, large client.
Loan Product Information
- Loans up to $50,000 for established businesses
- Loans up to $25,000 for startup businesses
- Loans available for: equipment purchases, inventory, leasehold improvements, machinery, supplies, or working capital.
- Interest rates from 7% – 12%
- Repayment terms from 1- 5 years
- Closing costs of 2% – 4%
- No application fee and no pre-payment penalties
Do I Qualify?
Should I apply for a WBDC loan? Follow our 2 step process to see if you qualify for a WBDC loan.
Step 1: Identify Your Business Eligibility
Is your business in any of the following industries? The following industries do not qualify for a loan from the WBDC. All other business types qualify.
- Financial services companies
- Gambling establishments
- Independent sales consultants
- Manufacturer, distributor or facilitator of weapons and firearms
- Multi-level marketing businesses
- Nonprofit organizations
- Production, distribution or sale of pornography
- Real estate investment, development, management and sales
- Retail liquor stores
- Ride share drivers and taxi drivers
Step 2: Match Your Lending Need to Our Loan Criteria
Read through the following questions. If you answer “yes,” to all of the questions, then a WBDC loan may be a great choice for you.