This list is the product of a distinctive investigation into small business financing sources in Rhode Island, grounded in solid evidence. The companies are ranked according to the volume of small business loans they've distributed this year.
Simply put, this means the financial institutions and lenders on this list are the ones truly leading in providing loan support to small businesses within the state.
(This contrasts sharply with other sites, which often focus on nonprofit organizations that infrequently offer loans and government initiatives that are out of reach for many businesses!)
Takeaway: Both regional and national banks have a solid presence in the small business loan market in Rhode Island.
Methodology: The information presented is derived from SBA 7a loan statistics, indicating that each of the mentioned lenders provides SBA loans. Additionally, we've cataloged the various other small business lending options they advertise online.
Regrettably, conventional banking institutions often have stringent requirements, such as high credit scores and a business history of more than two years.
Therefore, we've prioritized two financing solutions aimed at assisting small business owners who may not have a strong credit background or who are relatively new to their business endeavors.
