Powerful business loan funding tools and helpful insights on all things business loans and credit in Rhode Island.
We understand that the process of obtaining a business loan or other type of funding can be confusing. Banks and lenders consider multiple factors when you apply, and often those lenders and banks aren’t very transparent on their approval process. Thankfully, we here at RIloan have made a comprehensive guide to all things business loans and financing in Rhode Island.
The first step is simple, to ask yourself “what does my business need the financing for?”. This might sound obvious, but it is important to know how you’ll use the loan because this will determine the type of business loan you need. For example, if you are looking to buy more inventory, you’ll probably be better off getting a merchant cash advance than getting a commercial real estate loan.
Another reason having a clear “why” is because this is an important factor lender looks at when deciding your approval status. Lenders feel more comfortable lending money to businesses that have a justified reason and a clear plan on how they will repay the loan.
Deciding why you need a loan is just the first step of the business lending process. Later in the process (after some research), you will ultimately have to determine what kind of loan you want and then choose a lender to apply to. In this guide, we will cover those topics in-depth.