RSI Bank in Rahway is offering a new, expedited loan program for small businesses to obtain as much as $100,000.
Unlike RSI’s traditional commercial loan program, the one for small businesses has a consolidated application that makes the process of applying faster and less costly. The new program will offer credit lines with terms of up to two years, as well as term loans.
RSI charges a one-time application fee of $125 for lines of credit of up to $50,000, and $250 for credit lines between $50,001 and $100,000. This differs from other small business lenders that may charge a percentage of the amount borrowed as a monthly fee, according to RSI Bank.