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 LLC, forming an S Corporationor structuring a business as any other formal entity can be an important step to securing limited funds.
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