SSBCI - Bad River
State Small Business Credit Initiative (SSBCI) Program
Small businesses on or near the Bad River Indian Reservation, and those in Wisconsin whose majority ownership is affiliated with the Bad River Tribe, can apply for small business loans through the Tribe’s State Small Business Credit Initiative (SSBCI) program. The SSBCI is a federally sponsored small business program that supports small businesses and entrepreneurship in communities across the United States by providing capital and technical assistance to promote small business stability, growth, and success. Please refer to the sections below that summarize the Tribe’s SSBCI program.
For more information, please contact the Wisconsin Native Loan Fund (WINLF) Inc. by phone at 715-588-1600 or by email at info@winlf.org. WINLF is a 501(c)(3) nonprofit organization and U.S. Treasury-certified Native community development financial institution (CDFI) that assists the Bad River Tribe in administering its respective SSBCI programs.
Bad River Tribal SSBCI
The Bad River Tribal SSBCI offers three programs: a microlending revolving loan participation fund, a loan participation fund for Tribal enterprises, and a business line of credit lending for Tribal contractors to obtain funding required to participate as subcontractors on large infrastructure projects planned for the Bad River Reservation.
Eligibility
The three programs are available to businesses located in Ashland County. Eligible businesses will be evaluated using standard credit metrics, with modifications employed to provide additional terms and support for Socially and Economically Disadvantaged Individually (SEDI)-owned businesses.
Micro Enterprise Revolving Loan Fund: Must be a small business held in majority ownership (51% or more) by enrolled member(s) of the Bad River Tribe.
Tribal Enterprise Loans: Must be a small business held in majority ownership (51% or more) by the Bad River Tribe.
Business Line of Credit Loan: Must be a small business held in majority ownership (51% or more) by SEDI(s); products are only available to subcontractors of projects on the Bad River Reservation.
Matching Funds
Each program requires the borrower to have matching funds equal to or greater than the SSBCI loan amount. These funds can be from a matching loan through WINLF, one of its partners, your bank, or many non-federal funded sources. Federal-funded grants are not eligible to be used as matching funds. All funding sources not provided through WINLF will need to be vetted by WINLF to make sure they qualify under the terms of the SSBCI program. If you do not have matching funds, WINLF will be happy to try to help you acquire approved matching funds.
Maximum/Minimum Investment Amounts
Micro Enterprise Revolving Loan Fund: The total loan amount (including paired loans) must be between $5,000 and $50,000. These are term loans for up to five years.
Tribal Enterprise Loans: Total loan amounts (including the amount of paired loan) must be between $500,000 and $1,500,000. Term loans for up to seven years.
Business Line of Credit Loan: Collateral amounts of between $20,000 and $100,000, which may be paired with an equivalent amount of credit offered by a financial institution, and a performance bond amounting to at least 10X the value of the PBSP collateral product. Lines of credit are structured to be held by a financial institution for the duration of the contract, which will be terminated when the project is completed. If issues arise in the performance of the contract and a claim is made, the line of credit may be paid to satisfy the terms of the contract, and the line of credit will be transformed into a term loan in the amount that was paid, with an allowable interest rate charged.
Other
Limitations on the use of loan or proceeds will be consistent with general SSBCI prohibitions.
Eligibility
The three programs are available to businesses located in Ashland County. Eligible businesses will be evaluated using standard credit metrics, with modifications employed to provide additional terms and support for Socially and Economically Disadvantaged Individually (SEDI)-owned businesses.
Micro Enterprise Revolving Loan Fund: Must be a small business held in majority ownership (51% or more) by enrolled member(s) of the Bad River Tribe.
Tribal Enterprise Loans: Must be a small business held in majority ownership (51% or more) by the Bad River Tribe.
Business Line of Credit Loan: Must be a small business held in majority ownership (51% or more) by SEDI(s); products are only available to subcontractors of projects on the Bad River Reservation.