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Small Business Loans Rhode Island


How Do Small Business Loans Work?
Most small business loans are intended to be used only for business-related expenses. If approved, you will typically receive a lump sum of funds from your lender and be expected to repay the loan with interest over a predetermined period. Getting approved will be much easier when you have done your research and understand the options available to you.- Business Line of Credit
- Funding for any business expense
- Often best for bridging cash flow gaps and covering emergency expenses
- SBA Loans
- 7(a) Loans
- Funding for most business expenses, including working capital, purchase of equipment, machinery, furniture, fixtures, supplies, real estate (including land and buildings), construction of a new building or renovation of an existing building, refinancing current business debt
- Can be short- or long-term and generally offers low-interest rates
- CDC/SBA 504 Loans
- Long-term funding up to $5 million
- May be used for purchasing, building, or renovating owner-occupied commercial real estate or purchasing other fixed assets that promote business growth and job creation
- Cannot be used for working capital or inventory
- SBA Microloans
- Limited to $50,000, with lower interest rates, more flexible terms, and fewer fees than other loans
- May be used to rebuild, re-open, repair, enhance, or improve your small business
- Cannot be used to buy real estate or pay existing debts
- 7(a) Loans
- Customers Bank is an SBA-preferred lender. The SBA loan program includes several types of loans for small businesses, so your best bet is to speak with a Customers Bank lending expert to decide which type of loan your business may need.
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Business Term Loans
- Higher credit scores will attract better loan rates and terms
- May be used for expanding to a new location, purchasing equipment or inventory, and hiring staff
- Some lenders may require collateral and personal guarantees to provide term loans to business owners
- Short-Term: These loans are generally repaid in 12 months or less. However, some lenders offer repayment terms of up to 24 months.
- Intermediate: These loans generally have repayment periods of one to five years and often require regular payments on a bi-weekly or monthly basis.
- Long-Term: These loans are perfect for large construction projects and buying equipment, buildings, or other businesses. Repayment terms are typically available for six to 20 years
- Customers Bank offers term loans with competitive rates, monthly payments divided equally between principal and interest, and automatic payment options.