Ridgestone bank is an Illinois-based bank that specializes in small business loans. It has been in operation since 1995 and lends throughout the country. Ridgestone is a preferred lender of the SBA and is the seventh largest small business lender in the U.S.
If you are a small business owner looking to expand and need a loan for working capital or new equipment, Ridgestone may be a good option for you. The minimum loan amount it offers is $350,000, with loans amounts ranging up to $5 million. With a loan minimum this high, it may not be a good option for small businesses seeking smaller businesses loans.
Ridgestone requires that you have a solid business plan in place as well as financial projections for your business. The down payment on your loan can range from 10% to 25%, which is one of the smaller ranges for the lenders we reviewed. Though the amount of the down payment can vary depending on your businesses cash flow. Ridgestone’s small business loans are flexible and the amount of payments can be reduced if necessary. There are no prepayment penalties on its loans.
In addition to regular fees, such as the loan guarantee fee and closing costs, Ridgestone Bank also requires an application fee of $2,500. Businesses that have intangible assets may also be required to pay for a business valuation that could cost up to $3,000. These fees were among the highest of the lenders we reviewed.
Ridgestone had the longest wait for approval of the lenders we surveyed, with an average wait time of 75 to 100 days. Motivated borrowers may be able to get their application through quicker, but if you need funds quickly, Ridgestone may not be the best option. The time it takes to dispense the funds can vary as well.
The website provides few details about Ridgestone’s loans, nor does it offer you the ability to apply online. The only information about the small business loans are the standard fees from the SBA. The website does offer some useful loan calculators and educational videos. On the website, you can also find testimonials and success stories from businesses that got their small business loan through Ridgestone Bank.
For more information, it is best to contact Ridgestone directly. The representatives responded quickly to our inquiries and provided us with information that is absent from the website.
With a long wait for approval and high minimum loan amounts, Ridgestone Bank may be best for an established business looking to expand or purchase new equipment.