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Business Development Company

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Description

Business Development Company offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth, working capital, or acquisition needs. With a focus on personalized service, they assist clients through the SBA 7(a) loan program, providing flexible financing options to meet diverse business requirements. Their team is committed to guiding borrowers through the application process, ensuring clarity and support at each step. Located in Providence, RI, they serve local businesses with a range of loan sizes, including approvals up to $75,000, and have a strong track record of supporting small business development. Their expertise extends to various industries, with a particular strength in the hospitality sector, making them a reliable partner for entrepreneurs looking to expand or stabilize their operations. They also offer guidance on the necessary documentation and eligibility criteria, helping clients navigate the complexities of SBA lending. Whether you’re a startup or an established business, Business Development Company aims to facilitate access to capital with a customer-focused approach and industry knowledge. Their team is dedicated to fostering economic growth within the community and supporting small business success.

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Q&A

Lender Type
Commercial Bank
Google Rating
5
Google Review Count
6
Question 1
What is this place and what can I find here?
Answer 1
This is a financial institution offering SBA loan programs and small business financing solutions. You can find support for growth, working capital, and business expansion through personalized service and industry expertise.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may be available during business hours.
Question 3
What are the hours of operation?
Answer 3
The typical hours are Monday through Friday, 9 am to 5 pm, but it is best to contact the branch directly for specific hours.
Question 4
Is there a fee to use this?
Answer 4
There are standard fees associated with SBA loans, including application and guarantee fees, which vary based on the loan size and terms.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This lender primarily serves small businesses within its regional area, focusing on local entrepreneurs and residents.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of 620 is generally required for guarantors applying for SBA loans.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 45 days, depending on the completeness of documentation and loan complexity.
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