Independence Bank Small Business Loan Review
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Independence Bank is an FDIC insured community bank located in East Greenwich, Rhode Island that takes a certain amount of pride in specializing in small business loans. The business is located in Rhode Island. Independence Bank specializes in small business loans through the U.S. Small Business Administration flagship 7(a) guaranteed lending program. Independence Bank is consistently one of the top SBA 7(a) lenders in Rhode Island. The business is driven by one-on-one personal loan counseling centers.
Understanding Your Loan Options
The bank is interested in offering small business loan services of many shapes and sizes. There are lines of credit, merchant services, and many other financial products like business credit cards and checking accounts. These are essentially short-term loan programs, supported by things like free business checking accounts to get companies to sign up for other services.
There is zero description of the SBA 7a loan program and it is true that how they administer the loan does differ from other lenders. The 7(a) program that requires security but offers the same real estate loans for variable rates and 20-25-year terms. Because it is asset based, there is a great deal of latitude around the purpose of the loan and how it is spent, with a few exceptions. There is a great deal of paperwork and some fees associated with getting your property or asset assessed and environmentally analyzed, along with other documentation needed to complete the application.
Speed of Implementation and Loan Duration
One of their most unique programs is to address immediate financial needs through the Cool Cash Connect program, providing small business loans of $25,000 – $150,000 to eligible small businesses in many different industries. Independence Bank offers a one business day Pre-Qualification to eligible small businesses through its streamlined online Pre-Application. Each step that shortens the time frame has been named, so there is probably a fee or service charge for every part of the application process.
Fine Print and Final Thoughts
There are definitely small differences in the expense and quality of service on SBA loans between banks, but it is very difficult to be specific without going through the pre-approval process. The length of time to apply and get the loan is completely dependent on the amount of time it takes the borrower to get their paperwork together and into the bank. These are not designed to be immediate or quick fix loans.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.