Business Loans

Tailored Solutions:

Every business is different, but every business journey starts with a common goal to succeed. People’s Credit Union offers personal service for your individual business profile and is a one-stop resource for your financial service needs.

Loan Options

Commercial Real Estate

We offer loans to purchase property, finance construction, and refinance existing properties. Funds may be used for improvements to offices, warehouses, manufacturing facilities, and other property.

Investment Real Estate

We offer loans for the purchase or refinance of 1 – 4 family non-owner occupied rental property, mixed use property and five or more unit multi-family properties.

Vehicle & Equipment Financing

With a term loan, small business owners gain flexibility. This loan is generally used for the purchase of large ticket items, such as vehicles or equipment.

Business Lines of Credit

Lines of credit are used for working capital, such as purchasing inventory or managing accounts receivable. A line of credit provides you with the flexibility of having quick access to cash when you need it.

How to Apply

Talk to our expert, Cormac McCarthy, Executive Vice President & Chief Lending Officer.

Phone: 401.846.8930 ext. 1273
Cell: 401.835.4808
Email: [email protected]
NMLS ID#1147126

Testimonials

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Laura Klaus

Helpful Resources

At People’s Credit Union, we are passionate about providing resources, information, and solutions to help you get ahead.

Frequently Asked Questions

What can we help you with today? 

To make the application process easier, we have created an online portal to accept applications and receive uploaded documents.

You can find the online portal at: https://forms.onlineaccountaccess.com/secure2/peoplescu/

No. A business can be a beneficiary of a trust, but not a trust itself because it is a separate entity.

A Trade Name Certificate is required for the purpose of identifying those individuals doing business in a required state. All businesses are required by Rhode Island State Law to register their trade name in the Town Clerk’s Office. Forms are available at the town hall during regular business hours.

The documents required to open a business account vary based on the type of business entity:

  • Limited Liability Corporation or LLC
    • Articles of Incorporation
    • Department of Revenue IRS Employer Identification Number (EIN) form
    • Driver’s License (Valid)
  • Sole Proprietorship
    • Department of Revenue IRS Employer Identification Number (EIN) form or your social security card if you would like the business to be under your social and not reported as a separate entity.
    • Driver’s License (Valid)
    • Trade Name Certificate – You can apply and get this form at the town hall where you reside/or business.
  • Corporation
    • Partnership Agreement for the name of the business and its partners
    • Article of Incorporation
    • Driver’s License (Valid)
    • Department of Revenue IRS Employer Identification Number (EIN) form
  • Company
    • Article of Incorporation
    • Driver’s License (Valid)
    • Department of Revenue IRS Employer Identification Number (EIN) form

  • A Limited Liability Company Or LLC is a legal entity formed at the state level. An LLC exists separately from its owners—known as members. However, members are not personally responsible for business debts and liabilities. Instead, the LLC is responsible.
  • A Sole Proprietorship is an unincorporated business owned and run by one person. This option is the simplest, no muss, no fuss structure out there. You are entitled to all the profits of the business. However, unlike an LLC, you are also responsible for all of the liability.
  • A Corporation is a company that is related to larger businesses and entities. There is no single owner, the shareholders are the owners.
  • A Company is a business related to a small business or entity. The owners of a company are its members.