WWBIC is putting dreams to work

Women's Wisconsin Business Initiative Corporation (WWBIC) is a Kiva Trustee and leading innovative statewide economic development corporation "Putting Dreams to Work." For the past 30 years, they have provided entrepreneurs with quality business and financial education coupled with access to fair capital and financial products.

WWBIC assists individuals who face barriers to traditional resources and capital funding by providing access to quality business education and responsible financial products.

The Wisconsin Women's Business Initiative Corporation, known as WWBIC, is one of Kiva's top performing 2016 Trustees. Over the course of its partnership with Kiva, WWBIC has endorsed 45 loans, raising $270,000 of 0% interest capital for small businesses in Wisconsin, including florists, cafes, a vintage clothing company, car repair shop, truck drivers, a new age salon, a compost business, and the list goes on! WWBIC is a leading Wisconsin statewide economic development corporation focused primarily on assisting women, people of color, and low-income individuals in becoming economically self-sufficient through loans and business support. With a loan portfolio in excess of $16 million, in 2016 WWBIC closed 130 loans for a total loan volume of $1 million. WWBIC's offerings include access to loans ranging from $1,000 to $100,000, with higher amounts available utilizing a guarantee from the Small Business Administration (SBA).

WWBIC supports new and fragile entrepreneurs through its relationship with Kiva.

Wendy Baumann, President and Chief Visionary Officer, shares that WWBIC worked with the City of Milwaukee to create an affiliation with Kiva, "Kiva borrowers represent our smallest and most fragile entrepreneurs who would not qualify for a WWBIC loan." On how WWBIC works with Kiva entrepreneurs, Wendy notes, "WWBIC assists these borrowers in starting, expanding, and strengthening their businesses." As a result, many Kiva entrepreneurs establish a positive credit rating and are often able to "graduate" from a Kiva loan to a larger WWBIC loan, and from there to bank financing or entrepreneurship scale programs like the Milwaukee Scalerator.

WWBIC, along with several other partners, has provided a fellowship opportunity in order to bring a consistent focus on their work with Kiva.

In order to maintain a consistent flow of capital and economic development to Kiva-eligible borrowers in Wisconsin, Wendy Baumann looked to the University of Wisconsin Milwaukee Center for Economic Development for support. The result was the appointment of a dedicated Economic Development Fellow, Nichole Crust, who combines work with Kiva with her graduate studies at the University of Wisconsin. "I work to bring higher quality borrowers to Kiva, help borrowers make their applications stronger including getting borrowers endorsed (most often through WWBIC), and just generally spread the good work of Kiva all over Wisconsin!" says Nichole.

At WWBIC, we do not take endorsing a client lightly.

"We have a formal process with our WWBIC team and do as much as we can [to understand the borrower's status] or we already know a great deal about the client before we endorse," Wendy states. "We really help entrepreneurs through the process and provide some needed support. We assist in making sure the entrepreneur really shares their story the best way, is specific, and has a really GREAT PHOTO." Other advice provided to prospective Kiva borrowers includes the need to be comfortable marketing themselves and their businesses in English, and leveraging personal and professional networks to help with initial funding. To help all of their borrowers, including Kiva entrepreneurs, be successful, WWBIC offers numerous classes which promote personal and small business financial success on topics like "Start Smart - The Essential Business Plan 8 Week Series". WWBIC's corps of small business consultants and professional volunteers offer in-person, in-depth business assistance.

While March 8th is International Women's Day, at WWBIC, EVERY DAY is Women's Day!

Wendy says, "It would be nearly impossible to share the one success or meaningful story of a women-owned business!" Here are two that she shared:

1. An African American woman-owned business located in the heart of Milwaukee provides undergarments for full sized and larger women. She has been through much personally and in business, but she always enters the room with a smile, with strength and opportunity abounding. She is a very strong advocate of both WWBIC and Kiva.

2. Miss Cupcake! This entrepreneurial woman received funding through WWBIC lending as well as through Kiva where her loan funded within 48 hours. Her business, built on a life of baking, offers coffee, lattes, and hand-made baked goods.

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Think about it, a little girl and her mom come in for a cupcake and KNOW they partly funded this business - love it!