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How to Use the WHEDA® Small Business Guarantee
These are the steps to follow if you are a business owner or potential
business owner seeking financing:
- Develop a Business Plan.
- Provides a blueprint for your business operation.
- Details how you plan to accomplish your goals.
- Make an appointment with a WHEDA Small Business Guarantee (WSBG) Lender.
- Complete the Loan Guarantee Application jointly with your lender.
- Additional documentation your lender will need to complete the application
package:
- personal financial statements from all individuals with a 20% or greater
ownership interest in the business (the statement(s) must be completed,
signed and dated within 90-days of the application date);
- resumes of all owners and other
key management personnel;
- project documentation; i.e., Offer-to-Purchase,
bids or cost estimates, business purchase agreement;
- (For an Existing Business) the
last three years' audited or reviewed financial statements or Federal
tax returns and all supporting schedules of the business;
- (For an Existing Business) interim
financial statements (Balance Sheet and Income Statement) dated
within 90-days of the application.
- Have your lender send the application package to WHEDA for review.
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You can expect to receive a decision
within 3 - 6 business days.
- Close your loan.
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