Rhode Island Small Business Loans

Whether you run a business in Providence, Newport or another town in the state, you might find a time when you need capital. That could be to maintain the status quo during a slow month or to expand operations. 

Whatever the case, we’ve found several lenders offering Rhode Island small business loans as well as organizations with helpful resources. Here are the details.

Although the smallest U.S. state by size, Rhode Island is home to many small businesses, nearly 104,000, according to the Small Business Administration (SBA). About 1,600 of these firms are involved in exporting. 

Other popular industries in the state, according to U.S. News & World Report, include the following:

• Biomedicine
• Analytics
• Maritime products
• Manufacturing
• Transportation 
• Tourism

1. Citizens Bank

This SBA Rhode Island lender was given a “best bank” designation by WalletHub, where reviewers gave the bank a 4.1-star rating. The institution also made it on Forbes’ America’s Best Bank list. 

In addition to SBA loans, find the following financing options here:

• Business credit cards
• Business lines of credit
• Equipment loans 
• Business term loans
• Business mortgages

2. BayCoast Bank

BayCoast Bank is A+ rated with the Better Business Bureau (BBB). It also earned a spot on WalletHub’s 2021’s Best Bank in Rhode Island list and was given a rating of 4.2 stars on SmartAsset.

Financing products available include the following:

• Construction loans
• Fishing vessel loans
• Letters of credit
• Business expansion loans
• Equipment financing
• Business term loans
• Business lines of credit
• Commercial real estate loans

3. Bank Rhode Island

This financial institution is one of the top SBA lenders in Rhode Island. It’s A+ rated with the BBB and has earned a 4.8-star rating on SmartAsset. Visit 1 of 20 branches throughout the state and speak to a representative about a business term loan, line of credit or business credit card.

4. Bank of America

Bank of America made Forbes’ list of America’s Best Banks. It’s also A+ rated with the BBB. Though this bank has a nationwide presence, there are various locations in the state. Whether you’re looking for an SBA loan program in Rhode Island or another type of financing, you can find it here.

Options include these:

• Franchise financing
• Business automobile loans
• Commercial real estate loans
• Secured and unsecured loans
• Secured and unsecured lines of credit

5. TD Bank

TD Bank earned a spot on WalletHub’s 2021 list of best banks in the state, where more than 3,800 reviewers gave it a 3.6-star rating of “Good.” Additionally, it’s accredited with the BBB, where it’s earned a B+ rating.

In addition to being an SBA Rhode Island lender, this bank offers the following:

• Business term loans
• Business lines of credit
• Business credit cards

In addition to conventional lenders, such as the banks noted above, many small business owners today are turning to online nonbank lenders. These funders offer alternative financing solutions that many borrowers can qualify for, including those with less-than-perfect credit and no collateral. It’s a viable option for entrepreneurs who have been turned down for a bank loan or need fast access to capital.

• Applying for Rhode Island Business Loans Through Fast Capital 360

  Whether you seek an SBA loan program in Rhode Island or another financing solution, we can help. 

  Here are the advantages of applying with us:

  Speed

  Our online application takes just a few minutes to complete. Plus, if approved, you could receive your funds within a day. 

  Multiple Offers

  Because we work with lending partners across the U.S., you could receive multiple financing offers. 

  Expert Guidance

  Speak with a Fast Capital 360 Business Advisor and review financing terms to see what would work best for your business. 

Get Your Business Loan Faster

In addition to the funders and lending programs listed above, here are a few resources you can turn to when you need support on your path to success.

SCORE

This nationwide nonprofit has been offering support to entrepreneurs since the 1960s. The SCORE parent organization named the Rhode Island branch its Northeast Region Chapter of the Year. Business owners can find free business consulting here as well as sign up for workshops and networking events. Online educational resources are also available at no charge.

Center for Women & Enterprise 

This nonprofit organization has been in operation since 2002, working in partnership with the SBA. Take part in business consultations and networking events. Educational workshops are also available on business plan writing, federal contracting, accounting, social media and graphic design, among other topics.

Small Business Development Center

At the Rhode Island Business Development Center, participate in in-person or online seminars on a topic of interest to you. Additionally, meet with a business counselor who can assist with business planning, loan application preparation, marketing, branding and more. Monthly legal clinics also are offered.