Small Business Loans in Rhode Island

Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.

10 Small Business Loans in Rhode Island

This list is the product of a distinctive investigation into small business financing sources in Rhode Island, grounded in solid evidence. The companies are ranked according to the volume of small business loans they've distributed this year.

Simply put, this means the financial institutions and lenders on this list are the ones truly leading in providing loan support to small businesses within the state.

(This contrasts sharply with other sites, which often focus on nonprofit organizations that infrequently offer loans and government initiatives that are out of reach for many businesses!)

Takeaway: Both regional and national banks have a solid presence in the small business loan market in Rhode Island.

Methodology: The information presented is derived from SBA 7a loan statistics, indicating that each of the mentioned lenders provides SBA loans. Additionally, we've cataloged the various other small business lending options they advertise online.

Regrettably, conventional banking institutions often have stringent requirements, such as high credit scores and a business history of more than two years. 

Therefore, we've prioritized two financing solutions aimed at assisting small business owners who may not have a strong credit background or who are relatively new to their business endeavors.

1. Credit Suite

Credit Suite serves as a consultancy and software provider in the business credit sector, extending two unconventional financing options as well.

Cash Flow Financing is an excellent solution for entrepreneurs who have been in business for a couple of years and meet minimal credit score criteria. This option allows you to capitalize on your business's cash flow to secure adaptable funding. 

Instead of fixed monthly repayments, the amount you pay back is tied to a percentage of your continuous cash flow, offering greater flexibility.

The Credit Line Hybrid emphasizes funding based purely on the individual's creditworthiness, eliminating the need for financial documents, bank statements, or business proposals. Tailored for a wide range of businesses, it provides access to funds ranging from $5,000 to $150,000. This financial solution is ideally suited for nascent enterprises that have been operational for under two years.

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid

2. TD Bank, National Association

TD Bank operates as a significant financial institution, covering every state along the East Coast with the exception of Georgia. 

It boasts numerous retail outlets and provides an extensive selection of financing options for small businesses. As an SBA Preferred Lender, TD Bank stands out in its category.

The bank accommodates business loan applications through both online and face-to-face channels.

Business financing options offered:

  • Term Loans 

  • Business Lines of Credit

  • Commercial Real Estate Loans & Mortgages

  • SBA Loans

  • Revolving Lines of Credit

  • Equipment Financing

  • Asset Based Lending

  • Supply Chain Financing

  • TD Business Solutions Credit Card

3. HarborOne Bank

HarborOne’s BusinessOne product is unique and offers loan decisions within 24 hours of receiving the required documentation. Amounts range from $10,000 to $100,000. 

Outside of that, they offer a standard selection of small business loan options. 

Business financing options offered:

  • Business Line of Credit

  • Business Term Loans

  • SBA Line of Credit or Loan - 7a and 504

  • Commercial Real Estate Financing

  • Success for Small Business (SSB) Loan Program

  • BusinessOne loans

  • 5 business credit cards

4. Bank Rhode Island

Bank Rhode Island is the only bank on this list to call out a specialty in franchise lending.

Business financing options offered:

  • Term Loans

  • Lines of Credit

  • Commercial Mortgages

  • SBA Loans

  • Franchise Banking

  • Commercial Real Estate Lending

5. Webster Bank

Webster Bank is based in Connecticut and has a presence throughout four New England states. They offer a standard lineup of small business loan products.

Business financing options offered:

  • Lines of Credit

  • Term Loans

  • Commercial Mortgages

  • SBA Loans

6. Bristol County Savings Bank

Bristol County Savings has a solid presence throughout Bristol County, Massachusetts and Rhode Island. 

Business financing options offered:

  • Commercial Mortgage Loans

  • Express Business Loans

  • SBA Lending

  • Small Business Lines of Credits

  • Small Business Term Loans

7. Community Investment Corporation

Community Investment Corporation is a real estate-only lender for "affordable rental housing". If you understand what the following loan types mean, they're a lender worth looking into for you.

Business financing options offered:

  • Multifamily

  • Energy

  • 1-4 Unit Portfolio

  • Mezzanine Debt

  • Construction

  • SRO Preservation

  • TIF Purchase-Rehab

8. The Huntington National Bank

Huntington National Bank doesn't merely lead as a prime lender for small businesses in this state; it also surpasses all others in the country in issuing SBA 7a loans.

This achievement ensures their presence among the top 10 lenders in nearly every other state, highlighting their enthusiasm for engaging with small enterprises.

Beyond SBA loans, Huntington extends a broad range of financial services tailored for small businesses, encompassing equipment leasing, agricultural financing, and diverse real estate lending options.

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

9. BayFirst National Bank

BayFirst National specializes in SBA loans, with their website boasting phrases like “Lightning Fast Business Loans!” and “In-house team, quick funding.” They pride themselves on their internal underwriting team, which means faster processing times and a high level of proficiency.

Given that SBA loans are typically known for their lengthy funding process, this capability gives them a notable edge.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

10. Santander Bank

Santander Bank is based in Boston and has a solid presence in Rhode Island as well. They offer a standard lineup of small business loans. 

Business financing options offered:

  • Business Line of Credit

  • Small Business Administration (SBA) Loans

  • Business Term Loan

  • Commercial Real Estate Mortgages

  • Business Equipment Financing

How to apply for a small business loan in Rhode Island 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!