Coastal1 Credit Union
Coastal1 Credit Union is an active SBA lender in Rhode Island, a credit union offering SBA-guaranteed small-business loans. Currently rated 3.3 stars across 283 Google reviews.
About Coastal1 Credit Union
Coastal1 Credit Union offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth, expansion, or operational needs. With a focus on small business financing, it provides various loan options including the popular SBA 7(a) program, which is ideal for working capital, equipment purchase, and real estate acquisition. The credit union emphasizes personalized service and flexible lending criteria, making it an accessible choice for local entrepreneurs. Their experienced team guides clients through the application process, ensuring clarity and support at every step. They serve a broad range of industries, with particular strength in sectors like manufacturing, retail, and services. The institution maintains a strong commitment to community development and economic growth, leveraging its regional presence to foster local business success. Whether you're a startup or an established company, Coastal1 Credit Union aims to meet your financing needs with competitive rates and dedicated service.
Serves SBA borrowers in 2 states
Coastal1 Credit Union has funded SBA loans for businesses in these states, by borrower location. Tap a state to see every lender serving it.
Industries Coastal1 Credit Union finances
Business types Coastal1 Credit Union actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about Coastal1 Credit Union
What is this place and what can I find here?
This is a community-focused credit union offering SBA loan programs, business financing options, and personalized banking services designed to support small businesses and entrepreneurs in the region.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may also be available during business hours.
What are the hours of operation?
The Pawtucket branch lobby is open Monday-Wednesday 9:00 AM to 4:00 PM, Thursday 9:00 AM to 5:00 PM, Friday 9:00 AM to 6:00 PM, and Saturday 9:00 AM to 12:00 PM. Please confirm with Coastal1 Credit Union.
Is there a fee to use this?
There are no fees for initial consultations; however, loan processing and application fees may apply depending on the specific financing product.
Who is this open to — anyone, or only residents/members?
Membership is open to residents and businesses within the community, with eligibility criteria based on geographic and membership requirements.
What minimum personal credit score does this lender look for in a guarantor?
A minimum personal credit score of 650 is generally preferred, though other factors may also influence approval decisions.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 2 to 4 weeks, depending on the complexity of the application and completeness of documentation.
Is this open on weekends?
Yes, the Pawtucket branch is open Saturdays 9:00 AM to 12:00 PM (lobby) and 8:00 AM to 12:00 PM (drive-up). Confirm with Coastal1 Credit Union for holiday schedules.
How do I get there and where do I park?
Coastal1 Credit Union is located in Rhode Island — see the contact card for the full address. Most credit union locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.
Who owns or operates this listing?
This page is an independent directory listing for Coastal1 Credit Union, an SBA-participating credit union. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Coastal1 Credit Union itself, which runs its own lending under its own ownership. If you work at Coastal1 Credit Union, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for Coastal1 Credit Union — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Coastal1 Credit Union before applying. If you represent Coastal1 Credit Union, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach Coastal1 Credit Union by phone at (401) 722-2212 or online at coastal1.org — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with Coastal1 Credit Union before relying on them.
What core industries does this lender traditionally choose to finance?
Based on its approved SBA loans, Coastal1 Credit Union most often finances businesses in general retail and restaurants & food service. This reflects Coastal1 Credit Union's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Coastal1 Credit Union which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this lender?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Coastal1 Credit Union participates in SBA Express depends on its specific SBA lending authority. Contact Coastal1 Credit Union and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this lender have Preferred Lender Provider status with the government?
SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established credit unions hold PLP status, but it varies by institution. Coastal1 Credit Union can confirm its current PLP standing — ask before you apply if speed matters to you.
Are start-up companies eligible for financing at this lender?
The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Coastal1 Credit Union's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Coastal1 Credit Union directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Coastal1 Credit Union what down payment it expects for your specific commercial real estate purchase.
Does this lender impose prepayment penalties on short-term working capital facilities?
SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Coastal1 Credit Union to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this lender to buy out an existing equity partner?
SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Coastal1 Credit Union to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Coastal1 Credit Union weighs this case by case under its own policy, so be upfront about your history and ask Coastal1 Credit Union how it evaluates prior bankruptcies.
