Small Business Loans Make a Big Difference
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CALL: (855) 896-8753
155 S MAIN Street, Providence, RI 02903-2963
 
 

Low Rate Business Loans in Providence, Rhode Island

The government uses Ocean State Business Development Authority, based in Providence, Rhode Island, to help small companies secure low-rate business loans to grow the regional economy.

Loan Use
Regulated by the SBA, the authority follows these rules in considering small business loans:


• Construction or Remodeling Buildings on Leased Land
  (Where the Lease Is Longer than the Term of the 504 Loan). 
  Outside Collateral Will Generally Be Required
• Acquire & Install Machinery & Equipment with a Minimum
  10-Year Economic Life
• Professional Costs (Excluding Legal Fees)
  
• Purchase an Existing Building to Make
  Necessary Renovations
  (This Could Be the Building in which the
  Small Business Currently Operates)
• Acquisition of Fixed Assets, such as Land & Buildings
• New Construction Or Renovation


Refinancing is not permitted, except to take out financing on property acquired within the last 9 months with interim funds.

Calculator, Low-Rate Business Loans in Providence, RI

Interest Rate & Term of Loan
The loan rate is determined by the market at the sale of participation in a pool of government securities. The rate is fixed for the term of the OSBDA/SBA loan. The rule of thumb in projecting a rate is: 10-year Treasury rates, plus 225 basis points. Maturities of 10 and 20 years are available on the 504 debenture, depending on the useful life of assets and the term of the private job creation: 1 per $50,000 in 504 funds or meeting lending participation.

Contact Ocean State Business Development Authority to work with your company
is acquiring a low rate business loan to acquire a building for your new or existing business.