BankRI is proud to encourage business growth in the communities we serve through SBA guaranteed loan programs. BankRI is a Preferred Lender, which means you can get your SBA guaranteed loan approved faster and easier. Financing with an SBA guaranty allows BankRI to expand its ability to make loans to small businesses. We offer a full range of SBA guaranteed financing programs
- (7a) Loan Guaranty Program: To be used by existing or start-up businesses. The proceeds of SBA loans can be used for most business purposes. These may include the purchase of owner-occupied real estate; construction, renovation or leasehold improvements; acquisition of furniture, fixtures, machinery, and equipment; purchase of inventory; and, working capital. The 7(a) program provides credit enhancement for term loans up to $1,000,000.
- CapLines Program: To be used by existing businesses to finance short term and cyclical working capital needs; particularly appropriate for contractors. The CAP Line program provides credit enhancement for revolving lines of credit up to $1,000,000.
- International Trade Loan Program: To be used by existing businesses that are engaged in or preparing to deal in international trade or who are adversely affected by competition from imports. The International Trade Loan program provides credit enhancement for term loans up to $1,250,000.
- Export Working Capital Program: To be used by exporters to support short term working capital needs. The Export Working Capital program provides credit enhancement for lines of credit or single maturity loans of up to 12 months. When an EWCP loan is combined with an international trade loan, the SBA’s exposure can go up to $1.25 million.
- 504 Certified Development Company Program: To be used by existing businesses to finance major fixed assets such as land and buildings. The 504 program works by having BankRI provide the senior financing for up to 50% of the project cost, with up to 40% provided by a CDC (a 100% SBA guaranteed debenture) and as little as 10% equity from the business. The SBA guaranteed portion of the project cost can be up to $1,000,000
For more information, contact our Business Lending department at (401) 456-5000.
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