Business Loans in Shannock, Rhode Island

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No business loan companies in Shannock, RI. Consider companies in other cities:

Company nameAddressZip codePhone number
Santander Bank ATM 99 Fortin Rd S, Kingston, RI 02881 +1 (877) 768 - 2265
Sierra Pacific Mortgage 2081 Diamond Hill Rd, Cumberland, RI 02864 +1 (866) 467 - 8600
Webster Bank 716 Aquidneck Ave, Middletown, RI 02842 +1 (401) 849 - 4719
Citizens Bank 51 Main St, Wakefield, RI 02879 +1 (401) 789 - 1033
Pawtucket Credit Union 379 Putnam Pike, Smithfield, RI 02917 +1 (401) 722 - 2212
BankRI 1175 Cumberland Hill Rd, Woonsocket, RI 02895 +1 (401) 766 - 3000
Fall River Pawn Brokers 400 Dexter St, Central Falls, RI 02863 +1 (401) 722 - 7727
Atlantic Home Loans, Inc. 655 Main St, East Greenwich, RI 02818 +1 (401) 301 - 0130
Advance America 628 Metacom Ave Unit 14, Warren, RI 02885 +1 (401) 247 - 0178
Berkshire Bank 100 Bellevue Ave, Newport, RI 02840 +1 (401) 608 - 1694

Business Loan Companies in Nearby Cities

If there are no business loan companies in Shannock, RI, you can try to find different companies in big cities nearby. Check out the following pages here: Business Loans in Woonsocket, RI, Business Loans in Coventry, RI, Business Loans in Cranston, RI, Business Loans in Cumberland, RI, Business Loans in East Providence, RI, Business Loans in North Providence, RI, Business Loans in Pawtucket, RI and Business Loans in Providence, RI. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Shannock, RI.

Understanding Business Loans in Shannock, Rhode Island

Running a business isn’t always an easy feat, and oftentimes, financial assistance is necessary. Business loans can provide the capital necessary to start a business or to keep an existing one afloat. In Shannock, Rhode Island, business loans are legal and popular. Learning about different types of business loans in Shannock, Rhode Island and the requirements involved can aid business owners in making informed decisions.

Types of Business Loans in Shannock, Rhode Island

There are several types of business loans available in Shannock, Rhode Island, depending on the business’s needs and size. Below are some popular options:

  • SBA Loans: The Small Business Administration (SBA) provides loans to qualifying businesses. These loans are typically easier to obtain than traditional loans because the SBA guarantees a portion of the loan, mitigating lenders’ risk.
  • Business Lines of Credit: Similar to credit cards, business lines of credit allow borrowers to borrow up to a predetermined amount of money. Interest is only charged on the amount borrowed, making this type of loan a flexible solution.
  • Equipment Loans: This type of loan is designed for businesses that need equipment for their operations. The equipment is used as collateral for the loan, and the loan amount can cover up to 100% of the equipment’s value.
  • Invoice Financing: This type of loan involves using unpaid invoices as collateral. The lender advances a percentage of the invoice’s value to the business owner, who then repays the loan once the invoice is paid by the debtor.

Requirements for Business Loans in Shannock, Rhode Island

In order to qualify for a business loan in Shannock, Rhode Island, there are several requirements that must be met. These include:

  • A Minimum Credit Score: Most lenders require a credit score of at least 680 to be considered for a business loan.
  • Proof of Business: Lenders will require proof of business ownership, such as licenses or permits, tax returns, and financial statements, among other documents.
  • A Business Plan: A business plan is typically required when applying for a business loan. This plan should include a summary of the business model, revenue projections, and a management plan.

Interesting Facts and Statistics about Business Loans in Shannock, Rhode Island

  • According to the U.S. Small Business Administration, over 29 million small businesses are operating in the United States.
  • Small businesses account for 99.9% of all businesses in Rhode Island.
  • The SBA guaranteed $6.4 billion in loans to small businesses in Rhode Island in 2020.
  • On average, small businesses in Rhode Island employ 53.8% of the workforce.

Apply Now

If you are a business owner in Shannock, Rhode Island and are in need of financial assistance, TheGuaranteedLoans can help. We are not a direct lender but work with a network of lenders to connect you with potential loan providers. Fill out our online application today to get started!

Please note that loan approval is subject to lender requirements and credit approval. TheGuaranteedLoans does not charge any fees for our services, and our online application is secure and easy to use.

Useful Articles

Shannock, RI business loan calculator

Advise to read before applying

F.A.Q. About Business Loans

How much can I borrow with a business loan in Shannock, Rhode Island?

The amount you can borrow with a business loan in Shannock, Rhode Island will vary depending on the lender and the type of loan you are applying for. However, most business loans in the state will allow you to borrow up to $500,000.

What is the interest rate for a business loan in Shannock, Rhode Island?

The interest rate for a business loan in Shannock, Rhode Island will vary depending on the lender and the type of loan you are applying for. However, most business loans in the state have an interest rate between 5% and 25%.

Look for Business Loans in Other Cities:

Coventry Cranston Cumberland East Providence North Providence Pawtucket Providence Warwick Woonsocket
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