WBD

What WBD does

WBD, Inc. (formerly Wisconsin Business Development) is a nonprofit Certified Development Company (CDC) founded in 1981 and headquartered in Madison, Wisconsin. The organization operates the SBA 504 loan program across Wisconsin, Minnesota, and Michigan's Upper Peninsula, partnering exclusively with approximately 100 local banks and credit unions (over 80 active lender clients) to deliver long-term, fixed-rate financing for owner-occupied commercial real estate and equipment to small businesses. WBD handles all SBA interaction and paperwork on behalf of borrowers and partner lenders, and as a CDC reinvests fee income into economic development activities.

WBD's core technology is its SBA 504 and 7(a) loan administration platform, supported by a wholly-owned shared services subsidiary, WBD Service Company (WBDSC), which provides credit underwriting, application processing, portfolio servicing, and 7(a) packaging and consulting for external lender clients. Its loan portfolio exceeds $1 billion (approaching $1.1 billion as of 2025) across more than 1,700 active loans, and the firm maintains five regional offices (Madison, Oshkosh, Eau Claire, Waukesha, Stillwater). WBD has funded over 3,500 businesses and claims credit for over 76,000 jobs created since inception, with consistent SBA rankings of #7 nationally (2022), #10 (2023), and #9 in the USA / #1 in the Midwest (FY2025) out of roughly 250 CDCs.

The business model is professional services in nature. Revenue is generated primarily through fees on SBA 504 loan debenture processing and servicing, supplemented by SBA 7(a) packaging and consulting fees for lender clients, and recurring training revenue (e.g., the two-day SBA 7(a) Lending Training at $995 per participant, or $895 for Premier Members). WBD operates a tiered Premier Partner Program for high-velocity lenders and recognition programs (Elite Lender at 10+ projects, Hall of Fame at 20+ projects) that reinforce channel loyalty. Customer acquisition is entirely indirect — WBD does not market to end borrowers directly — relying instead on its lender channel to source and underwrite the front-end portion of each deal, with WBD packaging the SBA 504 debenture.

Name

WBD

Legal name

WBD, Inc.

Website

https://wbd.org

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

11–50 employees

Short description

WBD is a nonprofit SBA Certified Development Company that partners with ~80 local banks and credit unions to provide long-term, fixed-rate SBA 504 loans to small businesses across Wisconsin, Minnesota, and Michigan's Upper Peninsula. Its $1B+ portfolio supports owner-occupied real estate and equipment financing.

Ownership category

akta.pro rank

Product category

SBA Loan Facilitation Services

NAICS

Sales Financing (52222)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Mortgage Bankers & Loan Correspondents (6162), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• SBA 504 loans
• Small business financing
• Commercial real estate loans
• SBA 7(a) services
• Economic development financing

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. SBA 504 Loan Processing Fees: WBD facilitates SBA 504 loans and earns fees from the loan processing and servicing activities. As a CDC (Certified Development Company), WBD's revenue is derived from the spread and fees associated with 504 loan debentures, as well as consulting and packaging services for 7(a) loans. WBD reinvests its income into economic development activities.
2. Lender Services & Training Fees: WBD generates revenue from SBA 7(a) packaging and consulting services for lender clients, as well as fees from training courses such as the two-day SBA 7(a) Lending Training offered periodically at locations throughout the service area. Standard registration is $995 per participant; Premier Member rate is $895.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

WBD is a nonprofit SBA Certified Development Company (CDC) that facilitates SBA 504 loans for small businesses, providing long-term, fixed-rate financing (up to 25 years) for owner-occupied commercial real estate and equipment purchases with down payments as low as 10%. The organization partners with local banks and credit unions across Wisconsin, Minnesota, and Michigan's Upper Peninsula, handling all SBA paperwork and interaction on behalf of borrowers. WBD also provides SBA 7(a) packaging, consulting, and training services to its lender clients.

Product overview

WBD (formerly Wisconsin Business Development) is a nonprofit Certified Development Company (CDC) that operates as a single-product financial services organization centered on the SBA 504 Loan Program, supplemented by SBA 7(a) lender services and training offerings. The core product is the SBA 504 Loan Program, which provides long-term fixed-rate financing for commercial real estate and equipment with down payments as low as 10% and terms up to 25 years. This is offered through four loan types: Build (new construction), Buy (property/equipment purchase), Refi (debt refinancing), and Equipment financing. WBD supports its lending partners through Lender Services (7(a) packaging and consulting), the SBA 7(a) Lending Training program, a Video Library with educational resources, and Seminar Series events. Additionally, WBD operates recognition programs including the Elite Lender Program (for partners completing 10+ projects) and Hall of Fame (for 20+ projects). The organization serves small businesses across Wisconsin, Minnesota, and Michigan's Upper Peninsula through partnerships with local banks and credit unions.

Differentiator

Problem solved

Functional benefit

Products and services

• SBA 504 Loan Program Long-term, fixed-rate SBA 504 financing for owner-occupied commercial real estate and equipment purchases with down payments as low as 10% and terms up to 25 years. Available to small businesses in Wisconsin, Minnesota, and Michigan's Upper Peninsula through partnerships with local lenders. Loan limits up to $5 million standard, $5.5 million for manufacturers (NAICS 31, 32, 33), and up to $16.5 million for qualifying green energy projects.
• Lender Services (WBD Service Company) Comprehensive SBA 7(a) packaging, consulting, and training services for financial institutions, including credit underwriting, application processing, and portfolio servicing. Helps lender clients build and grow their SBA lending programs with on-demand live assistance and priority 7(a) packaging services.
• SBA 7(a) Lending Training Two-day in-person training course covering the complete SBA 7(a) loan lifecycle from eligibility through liquidation. Standard Registration is $995 per participant; Premier Member rate is $895. Capacity limited to 24 participants per session, held at Wisconsin Bankers Association in Madison, WI.
• Premier Partner Program Membership program for SBA lending partners providing on-demand live assistance, priority 7(a) packaging services, and discounts on Training Institute courses. Designed for top-performing lender partners across Wisconsin, Minnesota, and Michigan's Upper Peninsula.

Quantifiable outcome

• Over 76,000 jobs created since 1981 across 3,500+ businesses funded
• +3 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Wisconsin Bankers AssociationminorStrategic or Co-development Partner · 1 January 2025WBD hosts SBA 7(a) training courses at Wisconsin Bankers Association facilities at 4721 S. Biltmore Lane, Madison, WI. WBD also participates in the annual Wisconsin Lenders Conference held at the Kalahari Resort & Convention Center.
• Cambria Hotel Madison EastminorOthers · 1 January 2025Cambria Hotel Madison East (5045 Eastpark Blvd.) has reserved a room block for WBD training attendees at $96 per night for October 12-13 nights.
• U.S. Small Business Administration (SBA)coreStrategic or Co-development Partner · 1 January 1981WBD is an SBA Certified Development Company (CDC) facilitating the SBA 504 loan program. As a CDC, WBD works in conjunction with the SBA to provide long-term fixed-rate financing to small businesses for fixed assets. This is WBD's primary partnership and the foundation of its entire operations.
• Local Banks and Credit Unions (Wisconsin, Minnesota, Michigan)coreChannel Partner/ Reseller/ Distributor · 1 January 1981WBD partners with local lenders (banks and credit unions) to facilitate SBA 504 loans. Each 504 project involves a local lender that originates the front-end loan while WBD handles the SBA 504 portion. WBD has approximately 100 LSPAs with over 80 active lender clients. Noteworthy Elite Lenders include: Joe Nelson (Bank First) - 10 collaborations, $9.5M+ financing, 140 jobs; Eric Hesselink (Summit Credit Union) - 10 collaborations, $19M+ financing, 59 jobs; Tom Brickley (Summit Credit Union) - 10 collaborations, $25M+ financing, 200+ jobs; Brent Benjamin (Bank Five Nine) - 10 collaborations, $17M+ financing, 75 jobs; Craig Philipp (Prevail Bank) - 10 collaborations, $38M+ financing, 130+ jobs; Jim McNulty (Oak Bank) - 10+ collaborations, $20M+ financing, 200+ jobs; Seth Wage (Peoples State Bank) - 10+ collaborations, $21M+ financing, 98 jobs; Jeff Vohs (CBI Bank & Trust) - 10+ collaborations, $11M+ financing, 420 jobs; Larry Schwenn (Bank of Sun Prairie) - 13 collaborations, $30M+ financing, 100+ jobs; Vincent Hartmann (Bank of Sun Prairie) - 10+ collaborations; Margaret Capper (North Shore Bank) - 10+ collaborations, $10M+ financing, 300 jobs; Steve Radulovich (PyraMax Bank) - 10+ collaborations, $16M financing, 300+ jobs; Charlie Paulson (Nicolet National Bank) - 10 collaborations, $18M+ financing, 220+ jobs; Paul Sackmann (Old National Bank) - 11 collaborations, $12M+ financing, 160+ jobs; Justin Harings (CCF Bank) - 10 collaborations, $17M+ financing, 200+ jobs; Eric DeJardine (Nicolet National Bank) - 10+ collaborations, $8M+ financing, 170 jobs; and many others achieving Elite Lender status.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CDC Small Business Finance: California-headquartered Certified Development Company and one of the largest SBA 504 originators in the U.S. Direct peer to WBD: same CDC business model, same SBA 504 loan programs, same channel of partner lenders, serving a different geographic footprint.
• Florida First Capital Finance Corporation: Florida's leading nonprofit Certified Development Company administering SBA 504 loans statewide. Direct peer to WBD with virtually identical CDC operating model, fee structure, and reliance on bank/credit union channel partners.
• Business & Community Lenders of Texas (BCL): Texas-based nonprofit Certified Development Company administering SBA 504 loans and providing lender training/consulting. Highly comparable to WBD's mission, CDC certification, and lender services portfolio.
• Sunflower Development Group: Kansas-based nonprofit CDC providing SBA 504 loans for small businesses across the state. Closely comparable to WBD as a regional, mission-driven CDC competing for SBA 504 origination volume and lender partnerships.
• Colorado Lending Source: Colorado-headquartered nonprofit Certified Development Company delivering SBA 504 and 7(a) packaging and consulting services. Comparable to WBD in nonprofit CDC structure, channel-driven distribution, and lender services offerings.

Others

• National Association of Government Guaranteed Lenders (NAGGL): Industry trade association representing SBA lenders and CDCs nationwide. Comparable to WBD as the ecosystem organization whose events (e.g., NAGGL Community & Economic Development Award) WBD actively participates in, but not a direct competitor.
• Wisconsin Bankers Association: State banking trade association hosting WBD's SBA 7(a) training courses and the annual Wisconsin Lenders Conference. Not a competitor, but a key ecosystem partner that distributes WBD's training to in-state lender clients.

Regional players

• Great Lakes CDC: SBA 504 Certified Development Company serving the Great Lakes region. Adjacent to WBD's WI/MN/MI UP territory with overlapping potential lender and borrower relationships, making it a regional rather than direct peer.

Broad incumbents

• Celtic Bank: Top-tier SBA Preferred Lender headquartered in Salt Lake City, originating SBA 7(a) and 504 loans nationally. Comparable to WBD in SBA program focus, but operates at much greater scale and as a broad incumbent rather than a regional channel CDC.
• Live Oak Bank: One of the largest SBA 7(a) lenders in the U.S., operating as a digital-first commercial bank specializing in government-guaranteed lending. Comparable to WBD in SBA lending focus, but a much broader incumbent with national reach and direct-to-borrower origination rather than a channel model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks4 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCEMUOShPON89d5UEgx1Yrig
• LinkedInlinkedin.com/company/wbd-your-business-finance-resource
• Xx.com/WBDInc
• Facebookfacebook.com/WBDinc504

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WBD