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What services are available to assist entrepreneurs through the application process for a business loan?
The Rhode Island SCORE Association (Service Corps of Retired Executives) "Counselors to America’s Small Business" is a nonprofit association comprised of over 30 volunteer business counselors. SCORE members are trained to serve as counselors, advisors, and mentors to entrepreneurs and business owners. These services are offered at no fee, as a community service.
The Rhode Island Small Business Development Center (RISBDC) receives funding from the SBA, state, and private sources to provide economic development assistance to existing businesses in Rhode Island through no-cost consulting and low-cost educational services. SBDC satellite offices are conveniently located around the state to serve the entire small business community.
The Center for Women & Enterprise receives funding from the SBA, state, and private sources to provide economic development assistance through counseling and training to women entrepreneurs.
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What kind of counseling assistance does
SCORE, the
RI Small Business Development Center
and the
Center for Women & Enterprise provide?
SCORE offers access to experienced business experts who provide business advice on everything from how to write a business plan, to cash flow management, to developing a small business advisory board.
The RI Small Business Development Center provides professional consultanting services to meet the needs of small businesses. The consultants are assigned by the RISBDC and offer specialized assistance to entrepreneurs on a variety of business issues.
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How can I apply for a loan to comply with the new fire code regulations?
Email the Rhode Island SBA District Office at providence.ri@sba.gov or call us at (401) 528-4561.
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What paperwork will I need to apply for this loan?
At a minimum, a participating lender will require the following information:
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Financial Statements (current within 90 days of the application).
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An explanation of how the proceeds will be used.
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What are the interest rates for these loans?
Under this special program, competitive rates have been offered by local participating lenders to assist businesses that must comply with the new state fire code regulations.
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What are the loan limits?
The maximum amount the SBA can guaranty is generally $750,000.
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How much money do I need to have in order to qualify for an SBA loan?
A borrower's capital contribution generally must be one-fifth to one-third of the total project cost.
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How long will it take to get my loan?
A credit decision on a complete loan package is usually made within ten working days after it is received by the SBA, not including bank processing time. This assumes that the borrower and lender have provided all the information necessary to process the loan.
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