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  • Transform Milwaukee Guarantee

    Terms

    • Maximum guarantee is lesser of 80% of the loan or $750,000 for fixed assets, permanent working capital and inventory
    • Maximum guarantee is lesser of 80% of the loan or $200,000 for revolving working capital
       

    Fees

    • No origination or servicing fees

    How to Use the WHEDA TMG

    For Businesses

    These are the steps to follow if you are a business owner or potential business owner seeking financing:

    1. Develop a Business Plan.
      • Provides a blueprint for your business operation.
      • Details how you plan to accomplish your goals.
    2. Make an appointment with a TMG Lender.
      • Complete the Loan Guarantee Application jointly with your lender.
    3. 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.
    4. Have your lender send the application package to WHEDA for review.
      • WHEDA reviews the complete application and renders a decision upon completion of its underwriting process.
    5. Close your loan.

    For Lenders

    • Are you a participating lender? If not, sign and submit two original Master Guarantee Agreements (Form 1) to WHEDA. Eligible partners include:
      • Banks
      • Credit Unions
      • Savings Banks
      • Savings and Loan Associations
      • Economic Development Corporations that make commercial loans
    • Get the product information you need. Everything from procedures to underwriting guidelines are available in the  Business Loan Guarantee Manual.
    • Get the  forms you need.
    • Sign up for  e-mail news about WHEDA's small business financing products.
    • The basic steps for requesting a Transform Milwaukee Loan Guarantee are:
      1. Submit an Intent Form (Form 2) to WHEDA if you want to disburse funds prior to WHEDA's approval.
      2. Complete the Loan Guarantee Application (Form 4) with your borrower.
      3. Mail the application and supporting exhibits to WHEDA.
      4. WHEDA will underwrite the application and render a decision upon completion of its underwriting process.
      5. Close your loan.