Commercial lenders in Providence, RI

Securing a small business loan in Providence, RI requires careful planning and preparation.

Customers Bank provides a range of financing options for small to medium companies. Our solid growth since 2009 has been built upon a strong reputation for flexibility, service, and relationships. The most popular of these loans among business owners include the following.

Financing business real estate ventures

As your business expands, you may decide to invest in some property. Real estate financing may be intimidating initially, but Customers Bank offers commercial real estate lending services that will help you achieve your business goals. Our loans can be tailored to your budget and timeline and are available for purchasing, renovating, and constructing commercial, retail, industrial, and mixed-use real estate projects.

Loans guaranteed by the government

The US Government does not provide loans to businesses. Instead, the Small Business Administration (SBA) guarantees loans to eligible companies. They can be used for startup costs, working capital, expansions, real estate purchases, etc. Because the SBA guarantees as much as 85% of an SBA loan, there may be more restrictions on this type of loan. In addition, more paperwork may be required. Businesses interested in securing an SBA loan must find an SBA-approved lender like Customers Bank.

Financing through term loans

Business term loans can be an effective method of funding to finance important expenses like business technology, office renovations, or debt refinancing. Depending on your credit score and the lender, the loan amounts and repayment terms may vary from one to two years in short-term loans or six to 20 years in long-term loans.

Financing business equipment

The Equipment Leasing and Finance Association reports that most American businesses (about 8 out of every 10) depend on equipment financing to keep their operations running. This type of loan enables you to use the purchased equipment as collateral, whether it’s a loan for a $100K heavy-duty piece of machinery or something like computers or printers. To get the best terms and rates, shopping around and comparing offers from multiple banking institutions is wise.

Accessing funds with a business line of credit

A business line of credit can help support businesses that are strapped for cash. The line of credit operates similarly to a credit card, allowing you to draw on an approved amount – up to $100,000, depending on your creditworthiness – to cover costs such as cash flow, payroll, inventory, equipment repair, and more. Only interest is paid on the funds that you withdraw. As you pay down the loan, the credit renews, meaning the same funds can be used again without going through another loan application process.

Takeaways

As commercial lenders, Customers Bank is committed to assisting Providence, RI, businesses as they strive to scale their operations. If you encounter financial roadblocks that are limiting your business growth, contact us today. We will help you decide which type of commercial loan may be appropriate for your business.