WWBIC FACT SHEET. For More Information: Wisconsin Women's Business Initiative Corporation

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1 WWBIC FACT SHEET Mission: The Wisconsin Women's Business Initiative Corporation (WWBIC) is a statewide economic development corporation providing quality business education, financial awareness programs, technical assistance and access to capital to Wisconsin entrepreneurs and businesses. Business Loan Programs: Loans of $1,000-$100,000 available to qualified businesses with an emphasis on women, minorities, and low-income individuals; up to 200,000 with SBA Community Advantage guarantee Business Education Programs: Approximately 400 business courses and workshops offered annually in Milwaukee, West Allis, Madison, Dane County, Racine, Kenosha, and rural parts of the state. Topics include business planning, entrepreneurship, marketing, financing, and personal money management. Areas of Special Knowledge/Reference: Economic and Community Development serving local, state, national, and international clients Micro-Enterprise Development and Micro Loan Fund Management Business Education, Mentoring and Assistance Programs Business Laboratories Experiential Business Training Businesses started by former public assistance recipients (W-2, unemployment, etc.) Social Purpose Enterprises Financial Awareness Education and Individual Development Accounts (IDA) Key People: President/CVO Wendy K. Baumann Vice President Business Services & Finance Jon Gaines Vice President Client Programs & Services Mara Henningsen Vice President Impact Initiatives Julann Jatczak Structure: Incorporated in the state of Wisconsin in 1987 as a 501(c)(3) tax exempt non-profit corporation U.S. Department of Treasury, Community Development Financial Institution certified since 1998 U.S. Small Business Administration Women's Business Center since 1988 U.S. Small Business Administration Micro Loan Program Intermediary since 1989 U.S. Department of Health and Human Services, Assets for Independence Participant since 2000 For More Information: Wisconsin Women's Business Initiative Corporation info@wwbic.com Greater Milwaukee Madison Kenosha Racine Statewide

2 WWBIC Business Loan Fund Fact Sheet 2015 At a Glance: Micro and small business loans available up to $100,000; up to 200,000 with SBA Community Advantage guarantee We work with women and men and their start-up, growing, and existing small businesses Businesses must be viable, for-profit ventures located in Wisconsin Application can be completed online 24 hours a day (paper application available) Eligibility: Applicants will be evaluated on business and industry experience as well as credit history and capacity to repay the loan Completed Business Plan is required including a 12 month cash flow and three year projections Applicants cannot have child support payments in arrears, outstanding tax liability issues or a bankruptcy in the last 18 months Loan Facts: Loans range in size from $1,000 to $200,000 WWBIC can work with other resources if financing needs are higher Use of loan funds includes: Machinery and Equipment; Furniture and Fixtures; Supplies; Inventory; Working Capital Loan terms range up to 10 years (average is four to six years) Interest is a fixed or variable rate determined at time of loan approval (generally prime + 5%) Closing and other applicable fees are charged Personal guarantees (including spouse) required Your business assets, home and other personal assets may be considered as collateral Online loan application and requirements are at: Special Programs in 2015: In addition to our statewide business loan fund, we have several unique loan products available for qualified borrowers, including: Geographic o Urban o Suburban o Rural communities Demographic o Low-income o Bilingual SBA Community Advantage Lender o 85% Federal SBA guarantee for Community Advantage loans Contact Information: Wisconsin Women s Business Initiative Corporation Milwaukee/West Allis Madison Racine Kenosha Statewide/Rural Mike Hetzel, Director of Lending, Michael.Hetzel@wwbic.com 1/2015

3 2014 WWBIC Loan Snapshot WWBIC Portfolio Balance: $10.5 Million Owned Loans: $9.6 Million Managed Loans: $874,000 Number of Active Borrowers: 335 Closed Loan Dollars: $5.5 Million Number of Closed Loans: Closed Loans Geography # % $ % Greater Milwaukee 46 35% $1,889,400 34% South Central 33 25% $1,462,000 27% Southeast 21 16% $776,950 14% Other Wisconsin 33 25% $1,357,165 25% 2014 Closed Loans Demographics # % $ % Low to moderate income 84 63% $2,810,265 51% Women owned 59 44% $2,107,350 38% Minority owned 39 29% $1,311,500 24% Minority women owned 19 14% $630,000 11% Hispanic/Latino owned 9 7% $215,000 4% 2014 Closed Loans Business Status # % $ % Start ups 72 54% $2,688,400 49% Existing 61 46% $2,797,115 51% 2014 Closed Loans Industry Sectors # % $ % Manufacturing 18 14% $1,010,600 18% Retail & Wholesale Trade 27 20% $843,800 15% Professional Services 19 14% $815,000 15% Health Care Related 15 11% $769,000 14% Food related services 19 14% $712,365 13% Other Services (except Public Administration) 14 11% $437,500 8% Construction & Waste Management 10 8% $380,950 7% Transportation & warehousing 6 5% $279,300 5% Arts, Entertainment, and Recreation 5 4% $237,000 4%

4 Wisconsin Women s Business Initiative Corporation Loan Underwriting Guidelines Revised 1/1/15 General: Loan Size $1,000 - $100,000; up to $200,000 with SBA Community Advantage Guarantee Interest Rates Prime % = currently 8.25% (other lower interest rates loans available restrictions apply) Application Fee $75 Processing Fee $100 Commitment Fee 1.5% of loan amount Credit Policy: Credit Score Bankruptcy Chapter 7 or Chapter 13 Capacity and Cash Flow Items: Business Debt Service Coverage Global Debt Service Coverage Equity Injection As long as there is a good explanation for the scores, WWBIC will consider the loan if there is global cash flow. WWBIC does not lend based on a risk-based credit tiered system. Low credit scores allowable as long as client was not behind on any bills or has open collection items and/or collections where client has not made payment arrangements with the creditor. If payment arrangements were made, written agreement with creditor is requested. Additionally, reasonable explanation for the low credit scores is required such as death in the family, job loss of a spouse, lost a major client and took a year to replace them, etc. Credit abuse is not allowed. Allowable if dismissed or discharged at least 18 months. Bankruptcy in credit history may be considered if history of credit abuse is not present and with reasonable explanation for bankruptcy. 1.2x (covering all business debt, including lease payments) If global cash flow of 1.2x is not available for individual household, WWBIC may underwrite guarantors for coverage. WWBIC looks at capacity for repayment and outside income from spouses, guarantors, etc. as it improves the repayment viability of the loan. Global Cash Flow must be present to show that client has the ability to afford the loan debt. Businesses with a history of losses are generally not approved; however, if a client is coming out of the downturn, WWBIC looks to see how the business is trending and relies upon the business model to justify considerations for approval. 10%-20%; based on collateral, guarantor status, and other factors (Over)

5 Collateral Policy: Ratio Assets >1:1 preferred; WWBIC aims for 1:1 collateral coverage. There are, however, times when that level of coverage is not possible. WWBIC will consider accepting first or second lien position. WWBIC values inventory at 25% of value and equipment at 50%. Inventory is very specific to an industry and can take time to sell, and equipment for the most part can be liquidated fast at 50 cents on the dollar. Real estate is valued at 80% of fair market value, according to the most recent real estate tax bill. Free and clear vehicles are valued at 75% of NADA value. Character and Mission: Start Up Businesses Character Client industry experience is preferred. WWBIC underwrites according to the entire scenario that is developed, assessing the risk of loss to WWBIC while at the same time evaluating the projected success of the business. Follow up is accomplished through the Small Business Consultant function, initially mandating 12 months of monthly financials (income statements, balance sheets, etc.) then quarterly after the first year in business. A coachable client who is willing to listen to WWBIC staff suggestions to fix credit or grow the business during the application stage is preferred. The WWBIC/Client partnership is developed through the application and pre-loan process between the loan officer and the client. A great deal of weight is given to loan officer recommendations. Part of the terms and conditions of a WWBIC loan is that the client will work with the assigned Small Business Consultant and other WWBIC staff on the business as a whole including successful repayment of WWBIC loan debt and will supply financial statements at specified intervals.

6 2014 WWBIC FACT SHEET 2014 OUTCOMES 223 2,456 New Businesses Started Jobs Created & Retained 2014 PROGRAMS & SERVICES EDUCATION & COUNSELING 3,568 Clients Assisted 1,875 Clients Trained 1,197 Clients Counseled 496 Clients Trained and Counseled 18,909 Counseling Hours LENDING 340 Loan Applications Received 133 Loans Closed - Number $5.5M Loans Closed - Dollars 335 Active Borrowers FINANCIAL CAPABILITY 102 Active IDA Holders $95,991 Saver Deposits 2,706 New Wisconsin Savers 16 Assets Purchased OPEN START-UPS EXISTING 54% 46% Business Status of Loans Closed LOAN PORTFOLIO INDUSTRIES As of 12/31/14 17% Manufacturing 15% Retail & Wholesale Trade 14% Professional Services 14% Food Services 11% Healthcare Services 10% Other Services 7% Construction & Waste Management 6% Arts, Entertainment & Recreation 6% Transportation & Warehousing Updated 4/2/15

7 2014 CLIENT DEMOGRAPHIC SNAPSHOT GENDER BREAKDOWN CLIENT PROFILE 71% 29% 62% Low-to-Moderate Income 40% Receive Public Assistance Women Men 6% 10% RACIAL & ETHNIC MINORITIES 80% Milwaukee Area Veterans People With Disabilities AVERAGE AGE 54% Statewide 43Years 2014 WWBIC REFERRAL SOURCES 23% Word of Mouth 23% Other: SBA Partners, Local Economic Development Orgs., etc. 14% Existing WWBIC Clients 11% WWBIC Website 7% Financial Institutions 5% Social Media 5% SBA 4% Government Offices 4% Newspapers and Magazines 3% Educational Institutions 3% WWBIC Direct Mail 2014 CLIENT SATISFACTION 98%of respondents said they would recommend WWBIC to others* 96% of respondents said WWBIC s services met or exceeded their expectations* *Based on responses to the 2014 Annual Client Survey

8 WWBIC has an excellent program for startups. They offer us new opportunities that traditional banks don t. SMALL BUSINESS SUCCESS: FAARAL WOOD PALLETS Milwaukee, Wisconsin OWNERS: Anisaday Gonzalez & Jose Muñoz WWBIC CONNECTION: Education, Coaching, Lending WWBIC INVESTMENT: $5,000 EMPLOYEES: 3 PHONE: In 2012, Anisaday Gonzalez found herself out of a job. In hopes of finding steady employment and growing a successful business, she and Jose Muñoz decided to create Faaral Wood Pallets LLC, a wood pallet assembler and wholesaler. In 2014, a WWBIC small business loan allowed them to purchase a dismantling machine to remove broken pallet components, which increased business efficiency and freed up an employee to enhance production. WWBIC also provided assistance on accounting procedures, a business plan, marketing, and setting and tracking business goals. The business has blossomed into a community venture as many local business owners looking for an environmentally conscious way to recycle used pallets turn to Faaral. Husband and wife duo Jose and Anisaday have tried to keep the business a family affair. Anisaday s knowledge of business made her a natural fit to manage day to day operations while still pursuing her college degree. Her brother was recently brought on as their first full-time employee. Looking to the future, Anisaday and Jose plan to expand further by adding additional equipment and employees. Entrepreneurship Education Lending Coaching Financial Impact

9 WWBIC IMPACT AND 2014 HIGHLIGHTS WWBIC is a leading innovative statewide economic development corporation that has been Putting Dreams to Work since WWBIC focuses on individuals who face barriers in accessing traditional financing or resources. WWBIC opens doors of opportunity by providing these individuals who are interested in starting, strengthening or expanding a business with access to necessary resources and tools such as quality financial and business education, and responsible financial products. IMPACT SINCE 1987 Unduplicated Clients 53,000 INDIVIDUALS 2014 IMPACT New & Existing Clients SERVED 3,568 WHO WE SERVE LOW-TO-MODERATE HOUSEHOLD INCOME GENDER 62% 71% 29% 54% 80% Statewide RACIAL/ETHNIC MINORITIES Milwaukee RACIAL/ETHNIC MINORITIES 3,500 1,031 BUSINESSES STARTED, STRENGTHENED OR EXPANDED 8,300 JOBS CREATED & RETAINED $39.3LOANED TO SMALL BUSINESS OWNERS FINANCIAL COACHING AND INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA) HELP LOW-WEALTH CLIENTS SAVE AND BUILD A BETTER FUTURE. Impact Since OPEN FIRST-TIME HOME OWNERS BUSINESSES STARTED OR EXPANDED 2,456 $5.5 INDIVIDUALS ATTENDED COLLEGE PORTFOLIO GROWTH SOCIAL ENTERPRISE $ ENTREPRENEURS RECEIVED EXPERIENTIAL TRAINING PROVIDED BY WWBIC S SOCIAL ENTERPRISE: COFFEE WITH A CONSCIENCE EXPANDED IMPACT 25% INCREASE FROM 47 COUNTIES REACHED IN 2013 TO 59 COUNTIES REACHED IN 2014 FUNDING SOURCES 40% 21% 22% 17% FEDERAL GOVERNMENT STATE & LOCAL GOV T EARNED REVENUE DONATED REVENUE GREATER MILWAUKEE MADISON KENOSHA RACINE STATEWIDE info@wwbic.com wwbic.com l Updated 2/15

10 WWBIC was first to come on board to finance our venture and helped us increase our manufacturing process efficiency and gain repayment history and credibility for future growth. SMALL BUSINESS SUCCESS: MOBCRAFT BEER Madison, Wisconsin OWNERS: Henry Schwartz, Andrew Gierczak, Giotto Troia WWBIC CONNECTION: Coaching, Lending WEB: mobcraftbeer.com WWBIC INVESTMENT: $75,000 EMPLOYEES: 5 PHONE: Henry Schwartz, Andrew Gierczak, and Giotto Toia saw a large gap in the brewing market and were disappointed in a lack of local breweries that had direct emotional connections with their customers. They decided to use their passion for brewing and business to create MobCraft Beer Inc., the world s first crowdsourced brewery, in In addition to a series of flagship beers and a line of barrel-aged sour beers, Mobcraft brews beers that are created by and voted on by the general public on a monthly basis, with winning beers then shipped to 40 states. MobCraft saw quick success and quickly realized they needed to expand to meet demand. With a loan from WWBIC, they purchased a bottling line which improved output from 3 to 90 cases per hour! The owners also receive one-on-one counseling on payroll and other business matters as the business continues to expand. They are committed to building excitement throughout the brewing industry through their innovative approach to building customer loyalty. Entrepreneurship Education Lending Coaching Financial Impact

11 WWBIC IMPACT AND 2014 HIGHLIGHTS WWBIC is a leading innovative statewide economic development corporation that has been Putting Dreams to Work since WWBIC focuses on individuals who face barriers in accessing traditional financing or resources. WWBIC opens doors of opportunity by providing these individuals who are interested in starting, strengthening or expanding a business with access to necessary resources and tools such as quality financial and business education, and responsible financial products. IMPACT SINCE 1987 Unduplicated Clients 53,000 INDIVIDUALS 2014 IMPACT New & Existing Clients SERVED 3,568 WHO WE SERVE LOW-TO-MODERATE HOUSEHOLD INCOME GENDER 62% 71% 29% 54% 80% Statewide RACIAL/ETHNIC MINORITIES Milwaukee RACIAL/ETHNIC MINORITIES 3,500 1,031 BUSINESSES STARTED, STRENGTHENED OR EXPANDED 8,300 JOBS CREATED & RETAINED $39.3LOANED TO SMALL BUSINESS OWNERS FINANCIAL COACHING AND INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA) HELP LOW-WEALTH CLIENTS SAVE AND BUILD A BETTER FUTURE. Impact Since OPEN FIRST-TIME HOME OWNERS BUSINESSES STARTED OR EXPANDED 2,456 $5.5 INDIVIDUALS ATTENDED COLLEGE PORTFOLIO GROWTH SOCIAL ENTERPRISE $ ENTREPRENEURS RECEIVED EXPERIENTIAL TRAINING PROVIDED BY WWBIC S SOCIAL ENTERPRISE: COFFEE WITH A CONSCIENCE EXPANDED IMPACT 25% INCREASE FROM 47 COUNTIES REACHED IN 2013 TO 59 COUNTIES REACHED IN 2014 FUNDING SOURCES 40% 21% 22% 17% FEDERAL GOVERNMENT STATE & LOCAL GOV T EARNED REVENUE DONATED REVENUE GREATER MILWAUKEE MADISON KENOSHA RACINE STATEWIDE info@wwbic.com wwbic.com l Updated 2/15

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