Loan Census Banking News and Information
June 30, 2022  
 
 
  Business Loan Information  
 

Westerly, Rhode Island Small Business Loans

 
Loan Census SBA Loan Info

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

If you are hoping to get a small business loan and your business is based in Westerly, Rhode Island, we've put together a list of local small business banks that you should contact.

Local Westerly Business Lenders

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

Small Business Bank Recent SBA Loans
Washington Tr Co - Westerly 342
AMX Funding Trust CO  
Citizens Bank - Branch Offices- Westerly  
Newport Federal Savings Bank 2
Washington Trust Bancorp, Inc. 1
Washington Trust Company - Trust & Investment Department  
Washington Trust Company - Westerly  
Westerly Community Cu 68
Westerly Savings Bank  
Westerly Savings Fund & Loan Association  

Banks that Lend to Westerly Businesses

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

Small Business Bank Recent SBA Loans
Washington Tr Co - Westerly
Providence, RI
3
Bank Of America
Charlotte, NC
2
Bank Of America
Providence, RI
2
Business Lenders, LLC
Hartford, CT
1
Coastway Cu
Cranston, RI
2
Newport Federal Savings Bank
Newport, RI
2
Rbs Citizens
Providence, RI
24
Small Business Loan Source LLC
Houston, TX
1
The Huntington National Bank
Indianapolis, IN
1

Westerly Bank Loan Tips

As a prerequisite to contacting banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

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

A well-defined business plan is an important prerequisite. If the loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know 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 you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as your individual retirement account or pension plan. 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 read up on 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

Invest the time to learn as much as you can about Raising Money. To get started, we suggest you read Getting a Small Business Loan.

Business Loan Sources for Other Cities in Rhode Island
Get a Business Loan in West Warwick
Get a Business Loan in Woonsocket

Browse All Business Loan Sources for Rhode Island