Wheatmead Funding, a small-business funding broker in Eau Claire, Wisconsin, works in four steps: learn what the money is for, match it to a structure, pass it to partners that offer that structure, and help the owner compare what comes back. Lending partners underwrite, decide and set terms. The owner always chooses.
Where the broker's job stops and the lender's starts
Wheatmead Funding is a broker, not a lender. We do not underwrite, approve, fund or price anything. A business loan underwriter works for the lender: they read your statements, check credit, weigh risk and recommend a decision. Our job ends where theirs begins.
Step 1: the purpose and the payback
We start with the purpose and the payback: what the money will buy, and which income will repay or remit it. That conversation decides more than any form, which is why our online form keeps to contact details, a business name and three broad ranges, and we ask about the purpose when we call.
New businesses, or owners planning a first hire, may want to read first-year funding questions or covering payroll for part-time help first.
Step 2: choosing the structure
- A short gap with a known end: working capital.
- A project with a clear budget: a term loan.
- Recurring, uneven costs: a line of credit.
- Stock ahead of sales: inventory financing.
- A machine, fixture or vehicle: equipment financing.
- Card-heavy sales and sales-linked collection: a merchant cash advance, which is not a loan.
We also say plainly when a request is early or unlikely to suit any partner, and point to free help such as the advisers in the Chippewa Valley resources guide.
Step 3: underwriting happens at the partner
With your permission, the request goes to partners that offer the structure. So what does underwriting involve? The underwriter verifies identity and ownership, reads bank statements and tax returns, checks credit, reviews existing debt and liens, and decides whether to offer, on what terms, or to decline.
And how long does a business loan underwriter take? It depends on the partner, the structure and how complete the file is. A missing document is the most common cause of delay, so we help you assemble the file before it goes out. A strong plan also helps; see what partners read first in a business plan.
Step 4: reading the offers side by side
| What you see | What it means | What to compare |
|---|---|---|
| APR | Annual cost of a loan including some fees | Useful across loans with similar terms |
| Factor | Multiplier on an advance's purchase price | Convert to total collected; not an interest rate |
| Total cost | Everything repaid or remitted minus what you receive | The one figure that compares every structure |
Accepting is optional, always. If nothing suits, saying no costs you nothing with us.
Red flags to watch for in any offer
- A promise of approval before anyone has read your statements.
- Pressure to sign the same day or lose the offer.
- A funder that will not state the total amount to be repaid or collected.
- A request for your online banking password.
- Blank fields in a contract you are asked to sign.
More on our role is in the broker disclosures, and quick answers are on the owner questions page.
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