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SBA Loans

Affordable financing gives small businesses a competitive edge.

Contact Us More Options
  • Term loans and credit lines
  • Competitive rates and longer repayment terms
  • Work directly with WCCU
Term loans and credit lines
Competitive rates and longer repayment terms
Work directly with WCCU
Business Express Loans SBA Loans Business Term Loans Business Lines of Credit Real Estate Financing Business Credit Cards

Money to put your plans in motion

'Small' is not the first word you'd use to describe your business. Competitive. Dynamic. Forward-looking. Growth-oriented. That's more like it. The good news is that the federal government has an attractive loan program for businesses - like yours - that are thinking big. As a participating Small Business Administration (SBA) lender, our local lending team can guide you to the SBA program that best fits your needs.


SBA 7A Program

  • Term loans and credit lines from $200,000 to $5 million
  • Fixed-rate and variable-rate loans at competitive rates
  • Repayment terms range from 10 years (for equipment and working capital) to 25 years (for real estate)
  • Working capital
  • Furniture and fixture purchases
  • Machinery and equipment purchases
  • Purchase of land or buildings, new construction, expansion or conversion of existing facilities
  • Business acquisition
  • Refinancing of existing debt

SBA 504 Program

  • Loans ranging from $125,000 to $5 million
  • Low, fixed interest rates on SBA portion of loan
  • Repayment terms ranging from 10 to 20 years
  • Low down payments of 10% to 20%
  • Purchase existing building 
  • Land acquisition and ground-up construction   
  • Expansion of existing building 
  • Finance building improvements 
  • Purchase equipment
Express Loan Program
  • Maximum loan amount of $350,000
  • Term loans and credit lines available
  • Decisions on loan applications made within 36 hours
  • If approved, funds available within 90 days
  • Repayment terms of up to 7 years (for credit lines); 10 years (for inventory, working capital and equipment); 25 years (for real estate)
  • Patriot Express program available to active duty military personnel and veterans
  • Working capital
  • Furniture and fixture purchases
  • Machinery and equipment purchases
  • Purchase of land or buildings, new construction, expansion or conversion of existing facilities
  • Business acquisition
  • Refinancing of existing debt
Export Express
  • Maximum loan amount of $350,000
  • Decisions on loan applications made within 36 hours
  • Term loans and credit lines available
  • Repayment terms of up to 7 years (for credit lines); 10 years (for working capital); 25 years (for real estate)
  • Finance specific export orders
  • Pay for participation in a foreign trade show
  • Finance standby letters of credit
  • Translate product literature for use in foreign markets
  • Finance expansions, equipment purchases, and inventory or real estate acquisitions
Contact one of our experts to get the funding you need:

Shannon Melchione

Commercial Relationship Officer
Office: 401.792.4973
Email: [email protected] (Please note email is not secure)
Business Savings Account
Set aside funds in a simple savings account with WCCU.
Get Started: Business Savings Account
 

Business Contact Form

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        Westerly Community Credit Union is a full-service credit union with Rhode Island branches in Westerly, Richmond, Wakefield, and Coventry.

        The experience was incredible.  Barry was amazing.  Barry cares about my business and making sure I have what I need to succeed.  Working with Barry felt like working with family.  I have never had a banking experience like this one.  I am so incredibly grateful.
         
        David T. of Wakefield
        Ask for Shannon if you need business funding, she was excellent! She helped me with a couple of business loans. The process was quick, easy, and cheap. That was just what I was looking for. Scott is also a huge help if you end up talking to him!
         
        Frank A. of Coventry
        From start to finish, Shannon was a pleasure to work with. With competitive rates, a simple process, and quick closing, it was an easy decision to obtain my business loan with Westerly Credit Union. The entire staff at the Coventry branch was supportive, patient, and accommodating, making the process seamless. I look forward to my continued work with them.
         
        Kendra C. of Coventry
        Thank you so much to Shannon & Scott at the Coventry RI branch of WCCU! My husband & I learned about their fantastic rate promotion for money market accounts offered. We love the personal service and enthusiasm of them both. Scott is so knowledgeable about all of the WCCU products, so our account set-ups were a breeze. He navigated me through the phone app set up. You can tell right away that Shannon, in the Business Development Office of WCCU is an expert in her commercial lending department with her depth of experience in the banking industry of over 20 years. We felt very confident opening accounts at Westerly Community Credit Union in Coventry with Scott and Shannon always available to help with questions on site or over the phone. And wow, we really like the new Coventry branch, so convenient off the highway!
        Martha C. of Coventry

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