Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

North Kingstown, Rhode Island Business Loan

 
Loan Census SBA Loan Info

Small business loans in North Kingstown, Rhode Island are available. You just need to talk to the right bank.

We wrote this article for small business owners in North Kingstown, Rhode Island who are interested in getting debt financing.

Local North Kingstown Business Lenders

To help you learn more about local small business lenders, here's our list of small business banks in North Kingstown.

Small Business Bank Recent SBA Loans
Washington Tr Co - Westerly 2
Bank Of America 1
Bank Rhode Island  
Citizens Bank  
Community Mortgage Corporation  
Hospital Trust National Bank  
Ralco Sales  
Sovereign Bank  
Washington Trust Company - North Kingstown  

Lenders for North Kingstown Businesses

This is a list of banks outside of North Kingstown, Rhode Island that have provided SBA loans to North Kingstown businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Washington Tr Co - Westerly
Westerly, RI
4
Bank Of America
Charlotte, NC
5
Bank Of America
Providence, RI
2
Bank Rhode Island
Providence, RI
9
Business Lenders, LLC
Hartford, CT
1
Capital One
Mclean, VA
4
Rbs Citizens
Providence, RI
17
Sovereign Bank
Dorchester, MA
1
Sovereign Bank
Villanova, PA
3

North Kingstown Business Loan Advice

Before contacting banks for a loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is an important prerequisite. If the bank loan is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to to guarantee the loan with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to get up to speed on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Business Line of Credit.

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