Coastal1 Credit Union

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.

Ask Coastal1 Credit Union directly — some branches take walk-ins, others book SBA conversations by appointment.

Hours vary by branch and change. Check Coastal1 Credit Union's website or call before you visit.

Browsing this directory is free. Any loan fees are set by Coastal1 Credit Union and the SBA program — ask the lender for its current schedule.

Membership is open to residents and businesses within the community, with eligibility criteria based on geographic and membership requirements.

Many SBA lenders look for a personal score around 640 or higher, but each bank sets its own bar and it changes. Ask Coastal1 Credit Union what it looks for today.

The underwriting process typically takes between 2 to 4 weeks, depending on the complexity of the application and completeness of documentation.

Most bank SBA teams work weekdays; confirm with Coastal1 Credit Union before planning a weekend visit.

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.

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.

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.

You can reach Coastal1 Credit Union by phone at (401) 722-2212 or online at www.coastal1.org/branch/pawtucket-1200-central-ave — the same details are in the contact card on this page.

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.

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.

Whether Coastal1 Credit Union has SBA Preferred Lender (PLP) status is set by the SBA. Ask the bank directly; PLP lenders can approve in-house and often move faster.

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.

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.

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.

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.

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.