Q: Who is eligible for SB20/20 Funds?
A: Businesses that currently have a loan through a community development financial institution in Wisconsin and meet the additional program guidelines are eligible.
Q: What is a community development financial institution? Where can I find a list of these for Wisconsin?
A: Community development financial institutions include community development banks and credit unions and non-regulated institutions such as non-profit loan funds or venture capital funds. There are 22 community development financial institutions in Wisconsin. A list can be found here.
Q: When will the community development financial institutions that are receiving this money be named?
A: Information has already gone out to the community development financial institutions in Wisconsin, and they are actively completing the application process. Community development financial institutions have until Thursday, March 26, to apply. Community development financial institutions approved to receive SB/2020 funding will be notified by April 3, 2020. The Wisconsin Economic Development Corporation will publish a list of approved community development financial institutions at that time.
Q: If I am not an existing client of one of these community development financial institutions, can I apply to them for SB20/20 funds?
A: This program is only open to businesses that have loans with a community development financial institution. The Wisconsin Economic Development Corporation is working to expand access to funding through other programs as more resources become available. We encourage you to keep checking our website for the most up-to-date information.
Q: What other funding is available to help small business owners affected by COVID-19?
A: The Wisconsin Economic Development Corporation is currently working with the Small Business Administration to unlock federal Economic Impact Disaster Loans for businesses impacted by the COVID-19 outbreak. Details about this program will be shared on our website.
Q: Where can I get more information about resources available to Wisconsin business owners whose operations are affected by this pandemic?
A: Information on the Wisconsin Economic Development Corporation website is being continually updated. We encourage you to check it frequently for the latest information regarding programs designed to assist business owners affected by the COVID-19 pandemic.