Rhode Island EIDL Loan Approval Process

Rhode Island has approved 11,287 EIDL applications totaling $870,458,754 in SBA EIDL loans.

The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program is a federal small business loan program that financially supports Rhode Island small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting Rhode Island businesses.

Rhode Island SBA EIDL Program

Rhode Island small businesses, small agricultural cooperatives, and most private nonprofit organizations located in Rhode Island’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in Rhode Island.

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in Rhode Island can apply for Economic Injury Disaster Loans (EIDLs).

The Rhode Island loan is directly from the SBA is a low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses for businesses in Rhode Island.

Rhode Island EIDL Increase Requests and Loan Modifications

For a complete SBA EIDL Rhode Island loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your Rhode Island business qualifies for, please schedule a call with us directly.

In Rhode Island, there are varying factors to consider if your increase request is under $500,000, or over $500,000. These are very important factors you should know to maximize your chances of getting a “yes” for your Rhode Island company.

Contact us today to schedule a call with one of our SBA loan consultants to discuss the best strategy that will work for your business in RI.

Did Your Rhode Island SBA Disaster Loan Get Denied?

If you’re a Rhode Island business owner whose Rhode Island EIDL loan was denied from the SBA, you should know that it is possible to be approved after reconsideration. If your SBA application was rejected due to not meeting eligibility requirements or because your paperwork wasn’t complete, make sure to improve the way you present yourself before filing for reconsideration again.

The first thing that you should check is why your loan application was denied. Make sure to thoroughly read over the rejection letter they sent you so that it can help you better prepare next time around.

You can file for reconsideration for SBA EIDL loans, just make sure to fill out the application as accurately and thoroughly as possible to ensure your Rhode Island business receives funds.

Rhode Island SBA Loan Consultant for EIDL Loans

Rhode Island SBA EIDL loans are one of the easiest ways for small business owners in Rhode Island to secure financing, and they come with several significant advantages. For instance, approved businesses can easily access lower interest rates than those available through other loans. The current Rhode Island EIDL loan is set at 3.75%.

Also, Rhode Island EIDLs have much longer repayment terms (30 years). What’s more, many SBA loans are based on the equity already in place rather than requiring new investors or collateral. This means that businesses will not need to give up any ownership stake to get the financing they need to move forward.

For small businesses in Rhode Island, an SBA EIDL Rhode Island loan consultant is one of the best options to assist with SBA financing. The federal government offers guarantees on some of these loans, which makes them much easier to secure. They can also assist with RI tax credits.

Rhode Island Small Businesses in Need of EIDL Loan Increases or Reconsiderations

Rhode Island General Contractors

For general contractors in Rhode Island, construction contributed $2.5 billion (4.0%) of the state’s GDP of $63.5 billion. There were 706,000 construction firms in the U.S. in 2017, including 3,163 in Rhode Island.

The SBA’s Economic Injury Disaster Loan (EIDL) program offers up to a $2 million increase in loans to help businesses affected by a declared disaster. General Contractors can use these loans to pay for operating expenses, such as employee salaries, rent, and utility bills.

Rhode Island Hotels and Hospitality Businesses

Owners of hotels in Rhode Island, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in Rhode Island for 2021 is $65,529,658, which is down -62.2% due to the COVID pandemic and mandated shutdowns.

Rhode Island hotels generated $173,317,783 in 2019 when more people were traveling, which was +$107,788,125 more in revenue vs. 2021 Rhode Island Hospitality numbers.

Rhode Island Retail Stores

Rhode Island retail stores, monthly state retail sales are up 12.9% in 2021 over last year’s retail numbers for Rhode Island.

Rhode Island Restaurants

For Rhode Island restaurants, over 446 restaurant owners have received approval for $106,434,640 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.

The U.S. Small Business Administration (SBA) has awarded funding through the Rhode Island Restaurant Revitalization Program to Rhode Island restaurants, bars, and other similar places of business that serve food or drink in the State of Rhode Island (RI).

Conclusion and Summary for the EIDL Loan Approval Process in Rhode Island

Hiring an EIDL Loan Advisor in Rhode Island allows small business owners to focus on what matters most when growing their companies, and without having to worry about how they’ll secure SBA loan financing when they want or need it most. In a time of great need like COVID or other natural disaster that disrupts or damages their Rhode Island business.

Does Your Rhode Island Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?

Did you already receive a Rhode Island SBA EIDL loan for your Rhode Island business?

We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in Rhode Island.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in Rhode Island.

Was Your Rhode Island SBA EIDL Loan Denied?

Has your Rhode Island SBA EIDL loan been denied for your RI business?

We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in Rhode Island.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in Rhode Island.

Cover Image Credit: 123RF.com / Gstockstudio. / Disaster Loan Advisors.

Leave a Reply

Your email address will not be published. Required fields are marked *