Small Business Lenders in Pawtucket, Rhode Island

Local Pawtucket Banks

Without further adieu, here's our list of small business banks in Pawtucket.

Banks that Lend to Pawtucket Businesses

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

Business Loan Advice for Pawtucket Businesses

Prior to contacting lenders for a loan, you will need to have a specific plan.

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 lender.

Being able to present a well-written business plan is is critically important. If the financing is to for an existing 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 you cannot repay the loan.

If the business has few assets, the bank may ask you to to to guarantee the loan with your personal assets, such as the equity in your home. The banks will look at your personal credit report 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 are SBA lenders. Before meeting with the banker, you may want to do your homework 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.

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