Businesses in Wisconsin find startup funds from government loans in March

Entrepreneurs who are considering business formation might want to think about moving to Wisconsin. Lenders in the state were issued $47.5 million in government-backed small business loans last month.

The funds are part of the higher guarantee levels and reduced fees approved by the federal government in light of the struggling economy. A Small Business Administration report indicates Wisconsin’s government-backed loans for March 2010 are more than double the total of those the state received last year.

Community lenders have used these funds to support a number of new and developing businesses in the state. Some of the larger loans include $1.8 million to Sahej 1 LLC, $1.5 million to Integrity Saw & Tool Inc., $1.2 million to Lake Country Auto Spa Inc. and $950,000 to Metric LLC.

Notably, the companies that received the biggest loans all have a suffix to their names, indicating the founders underwent business incorporation.

Even with government-backed loans on the rise, securing funds is competitive in the current climate. Filing an LLCforming an S Corporationor structuring a business as any other formal entity can be an important step to securing limited funds. ADNFCR-3052-ID-19711441-ADNFCR

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