Small Business Loans

For smaller businesses looking for a direct, fully secured loan, the Small Business Loan Fund (SBLF) provides up to $500,000 for working capital to existing manufacturing, processing and selected services. Additionally, manufacturers seeking financing to be used for the acquisition of land, buildings, and equipment may qualify for loans in excess of $500,000. Interest rates are fixed. The repayment terms are flexible, with up to 5 years for working capital and up to 10 years for hard asset financing. For each $50,000 in funds lent, there should be the creation of a minimum of one job.

SBLF Purpose Statement

Business Profile and Eligibility Form

Download the Commerce RI Financial Services Business Profile and Eligibility Form

Mail to: Financial Services, Rhode Island Commerce Corporation, 315 Iron Horse Way, Suite 101, Providence, RI 02908

If you have questions, call (401) 278-9100 to speak with a Finance Team member. Otherwise, a member of the Finance Team will contact you within five business days of submission.

Required for SBLF Financing

• Earnings which can support the debt requested
• Collateral (either personal or in the business) equivalent to or in excess of the requested loan amount
• Personal guarantee required for any owner of 20% or greater of the business

Application Documentation Requirements

• Application Fee ($250)
• Executive Summary
• Business Financials
• Business Tax Returns
• Personal Financial Statements and Tax Returns for owners of 20% or greater
• Business experience and resumes of management
• Business Plan
• Financial plan: 2 year projections
• Schedule of sources and uses of funding
• Denial or Commitment letter from a lending institution
• Current accounts receivable and accounts payable ageing reports

Restrictions

• Requested funds cannot be used to refinance existing debt.
• Retail businesses and restaurants are ineligible for financing through the SBLF.