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.
- 7(a) 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.
- Low Doc Program: To be used by existing businesses or start-up businesses to expand or renovate owner-occupied facilities, purchase equipment, and augment working capital. The Low Doc program provides credit enhancement for term loans up to $150,000. Low Doc was launched to simplify the loan application process, thereby requiring less paperwork.
- SBA Express Program: To be used by existing and start-up businesses to purchase, expand or renovate owner-occupied facilities, purchase equipment, and augment working capital. The Express program provides credit enhancement for term loans and lines of credit up to $250,000. Requires the most simplified paperwork, but carries a 50% guaranty.
For more information contact our Small Business Lending department at (401) 456-5000.
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