Independence Bank

This is a bank that provides SBA loan options to small businesses, offering personalized financial solutions to support growth and expansion in the local community.

It is recommended to schedule an appointment to ensure dedicated service, but walk-ins may be accommodated depending on availability.

Typically, the bank operates from 9 am to 5 pm, Monday through Friday, but hours may vary, so it's best to contact ahead.

Fees may include application fees and closing costs, which will be detailed during the loan consultation.

This service is primarily open to small businesses in the region, with a focus on local entrepreneurs and residents.

A minimum personal credit score of around 650 is generally preferred, though other factors are also considered.

The underwriting process typically takes between 30 to 60 days, depending on the loan complexity and completeness of application.

Most banks keep weekday business hours and are closed on weekends, and Independence Bank typically follows the same pattern. SBA lending staff are generally reachable Monday through Friday. A few locations offer Saturday or by-appointment hours, so call Independence Bank to confirm current weekend availability before you go.

Independence Bank is located in Rhode Island — see the contact card for the full address. Most bank 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 Independence Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Independence Bank itself, which runs its own lending under its own ownership. If you work at Independence Bank, you can claim this listing from this page to manage it.

The core details for Independence Bank — 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 Independence Bank before applying. If you represent Independence Bank, claim this listing to keep its information up to date.

You can reach Independence Bank by phone at (401) 886-4600 or online at independence-bank.com — 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 Independence Bank before relying on them.

Based on its approved SBA loans, Independence Bank most often finances businesses in construction & contractors, general retail, transportation & trucking, restaurants & food service, wholesale & distribution, and manufacturing. This reflects Independence Bank'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 Independence Bank 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 Independence Bank participates in SBA Express depends on its specific SBA lending authority. Contact Independence Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.

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 banks hold PLP status, but it varies by institution. Independence Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

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. Independence Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Independence Bank 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 Independence Bank 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 Independence Bank 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 Independence Bank 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. Independence Bank weighs this case by case under its own policy, so be upfront about your history and ask Independence Bank how it evaluates prior bankruptcies.