Business financing in Florence County.

Business financing means getting access to money you need to start, run, or grow a business — and agreeing to pay it back or share ownership in return. In Florence County, the most practical forms include:

**Term loans:** You borrow a fixed amount and repay it over time with interest. Good for buying equipment, a vehicle, or making improvements to a property.

**Lines of credit:** A flexible pool of funds you can draw from and repay as needed. Helpful for managing seasonal cash flow — very relevant in a county with tourism and logging cycles.

**Microloans:** Smaller loans, typically under $50,000, offered by nonprofit lenders and CDFIs. Often the best starting point for sole proprietors and new businesses.

**SBA-backed loans:** The U.S. Small Business Administration guarantees a portion of loans made by approved local lenders, which makes it easier for lenders to say yes. The SBA does not lend directly — a local or regional lender still handles your application.

**Grants and revolving loan funds:** Some county, regional, and state programs offer grants or low-interest revolving funds for rural businesses. These are not loans you repay in the traditional sense, or they carry very favorable terms.

Understanding which type fits your situation is the first step — and a local CDFI or SBA resource partner can help you figure that out for free.

Florence County's economy is built around outdoor recreation, timber, small-scale retail, and service trades. That context matters when lenders look at your application.

**Seasonal businesses** — guides, outfitters, lodges, snowmobile services — are common here. Some lenders treat seasonal income as a risk; CDFIs and rural lenders tend to understand it better and may adjust repayment schedules accordingly.

**Solo contractors and tradespeople** — electricians, plumbers, builders, landscapers — often qualify for microloans and small business loans even without a long business history, especially if they can show steady client work.

**New businesses** can still qualify for many programs, particularly through CDFI microloans or SBA Microloan intermediaries, which weigh character and business plan alongside credit history.

**ITIN holders:** If you do not have a Social Security Number but file taxes with an Individual Taxpayer Identification Number (ITIN), you are not automatically excluded. Several CDFIs and credit unions in Wisconsin work with ITIN borrowers. You will need to show tax returns, consistent income, and a clear business plan — but a door is open.

**Credit history:** A thin or imperfect credit history is not an automatic disqualifier with community lenders. Many look at your full picture: how you manage cash, whether you pay bills on time, how long you've been in business, and what your plan is.

The key is finding the right lender for your specific situation — not trying to fit yourself into a big-bank mold.

Gathering your documents ahead of time makes the process faster and less stressful. While every lender has slightly different requirements, here is what most will ask for:

**For all applicants:**

- Government-issued photo ID (driver's license, passport, or consular ID)

- Last 2–3 years of personal tax returns (or ITIN tax returns)

- Last 2–3 years of business tax returns (if your business has been open that long)

- Recent bank statements (typically 3–6 months)

- A simple business plan or written description of what you do and how you make money

- Proof of business registration (Wisconsin DFI registration, if applicable)

**For established businesses:**

- Profit and loss statement (even a simple one you prepare yourself)

- List of business assets (equipment, vehicles, inventory)

- Any existing loan or lease agreements

**For real estate or equipment loans:**

- Description or appraisal of the property or equipment

- Purchase agreement, if you have one

**If you are an ITIN filer:**

- Your ITIN number and ITIN tax returns

- Additional proof of address (utility bills, lease agreement)

If you are unsure how to put these together, a local SBDC advisor or CDFI loan officer can help you prepare at no cost.