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Are you looking for Rhode Island’s best business loans & startup financing companies? For your small business in the Ocean State, many banks, credit unions, and unconventional lenders are offering different loan types. Over 100,000 small businesses in Rhode Island cater to the needs of its population of a little over a million, causing many lenders to show up here.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 10 business loans & startup financing options in Rhode Island to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Rhode Island-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs.

You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process. At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least).

Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Bank Rhode Island

At Bank Rhode Island, you can get ample funding to make sure that your business has the cash needed to keep it running. With the average rate of interest over 5.00%, $319,000 is the normal amount BRI will approve for you as a loan. You can visit any of the 20 locations of this bank in the Plantation State to get started on your funding journey. Also, if you have applied for a loan of value over $250,000, the bank will inform you of its decision within three days.

3. Webster Bank

We mentioned this bank when talking about the top lending solutions available in the Bay State of Massachusetts. The average rate of interest here is 4.78%. Also, $564k is the average loan amount that you can get from Webster Bank. This lender serves clients in Rhode Island as well as startups in the Constitution State of Connecticut. It’s a leading SBA lender and you should get in touch with its agents to learn about Webster’s 

4. HarborOne Bank

The average interest rate at this lender is around 4.70%, and the loan amount (on average) that they approve is $459k. HarborOne has branches in Rhode Island and Massachusetts, offering ample financing assistance to local businesses. You can open a line of credit and get financing up to $500k with interest-only payments. Applying for term loans will give you a funding amount of value up to $750,000.

However, HarborOne’s commercial real estate financing will allow you to have $3 million (at max) with fixed-rate terms of up to 10 years & amortizations of up to 25 years.

5. Bristol County Savings Bank

We are mentioning this bank again because it operates in Rhode Island & Massachusetts. So, the average interest rate here is more than 4.90%. However, $666k is the average amount that you can get from Bristol County Savings Bank. If you are interested in SBA microloans, here is what the site tells us: “Small, short-term loans available to start-ups and established businesses. The maximum loan amount is $50,000 and repayment periods top out at six years.”

6. Citizens Bank

This is yet another bank that offers ample funding solutions to Rhode Island-based startups. The average interest rate is around 7.80% with the average loan amount approved by this generous lender being $550,000. You can easily open a new line of credit or borrow up to $250,000 from the Citizens Bank. The lending decision takes just 2 to 3 business days.

7. Customers Bank

At Customers Bank, you can easily apply for SBA 7(a) and 504 loans to ensure that your startup remains funded 24/7. As per CDC/SBA loans, you can apply for up to $5 million in funding. So, make sure that you are eligible to receive small business loans as per the terms & conditions of Customers Bank.

8. BayCoast Bank

BayCoast Bank also operates in Providence, Rhode Island. You can open a new line of credit via this financial establishment or simply borrow enough money to keep your business vessel afloat. BayCoast Bank also offers commercial lending solutions & real estate investment funds so you can expand your corporate sector to new heights of success.

9. Jewett City Savings Bank

The average interest rate at this bank is around 4.70%. However, $523,000 is the average loan amount that you can get here. Keep in mind that the main branch of this bank is located in the city of Jewett, Connecticut. However, this lender caters to the unique needs of small businesses and startups in the Ocean State as well.

10. Providence Business Loan Fund

Lastly, we mustn’t neglect this generous lending partner operating in Providence, Rhode Island. You can apply for small business loans of value ranging from $50k to $500k. Also, these funds are for working capital, inventory, & equipment, with loan amounts. That’s how you can easily get the necessary funding to make sure that your startup stays amply funded.

Rhode Island Government Resources

Check out these government resources about business grants/funding and startup financing options in Rhode Island:

• Small Business Support | Warwick, RI
• Small Business Loan Fund Corporation
• Innovate RI Fund | RI Science & Technology Advisory

Top Cities in Rhode Island for Business Loans

Curious to know which cities or census-designated places (CDPs) in Rhode Island are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Providence
2. Warwick
3. Cranston
4. Pawtucket
5. East Providence
6. Woonsocket
7. North Providence
8. South Kingstown
9. Middletown
10. Newport
11. Bristol
12. Lincoln
13. Central Falls
14. Narragansett
15. Glocester
16. Tiverton
17. West Warwick
18. Johnston
19. Smithfield
20. Scituate
21. Foster
22. Westerly
23. East Greenwich
24. Coventry
25. Portsmouth
26. Charlestown
27. Little Compton
28. Jamestown
29. Exeter
30. North Smithfield

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Plantation State in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. Do get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.