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Milwaukee Economic Development Corporation

Milwaukee Economic Development Corporation
Milwaukee Economic Development Corporation

Description

Offering comprehensive financial services tailored to small businesses, Milwaukee Economic Development Corporation specializes in SBA loan programs to support local entrepreneurs and growth initiatives. With a focus on fostering economic development, this institution provides funding options that include SBA 7(a) loans, which are ideal for working capital, equipment, and real estate purchases. Their team is committed to guiding clients through the application process, ensuring access to capital for startups and established businesses alike. Located at 757 North Broadway in Milwaukee, WI, they serve a diverse range of industries, emphasizing community development and business expansion. The bank’s expertise extends to supporting small-scale manufacturing, retail, and service businesses, helping them achieve their growth potential. Whether you’re seeking a small loan or a larger funding package, they aim to make the process straightforward and accessible, emphasizing personalized service and local economic impact.

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Q&A

Lender Type
Commercial Bank
Question 1
What is this place and what can I find here?
Answer 1
This is a financial institution that offers SBA loan programs and small business financing options to support local entrepreneurs and economic growth in Milwaukee.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to ensure dedicated assistance, but walk-ins may also be accommodated depending on availability.
Question 3
What are the hours of operation?
Answer 3
Typically, they operate from 9 am to 5 pm, Monday through Friday, but it"s best to confirm directly with the branch.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for simply consulting; fees apply only to loan processing and closing costs based on the specific loan terms.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This service is primarily open to small businesses and entrepreneurs within the Milwaukee area seeking SBA-backed funding.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of around 640 is generally preferred for loan qualification.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application.
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