Rhode Island SBA lending, from federal loan records
SBA Lenders Actively Funding Businesses in Rhode Island
Since FY2020, 101 lenders have funded 1,562 SBA loans worth $616M for businesses in Rhode Island. Borrowers reported 12,107 jobs supported by those loans. Below is who actually writes them, how big they run, and which Rhode Island businesses get funded.
Most active SBA lenders in Rhode Island
Ranked by loans funded for Rhode Island projects since FY2020, not by advertising budget. A lender headquartered elsewhere that funds heavily in Rhode Island beats a local name that rarely writes SBA loans.
| Lender | Program | RI loans since FY2020 | Since FY2025 | Median loan | Median rate |
|---|---|---|---|---|---|
| BankNewport | 7(a) | 146 | 111 | $58K | 11.75% |
| Ocean State Business Development Authority | 504 (CDC) | 146 | 33 | $390K | n/a |
| Eastern Bank | 7(a) | 125 | 26 | $150K | 6.5% |
| TD Bank, National Association | 7(a) | 118 | 29 | $25K | 11% |
| Beacon Bank and Trust | 7(a) | 117 | 23 | $128K | 8.25% |
| Webster Bank National Association | 7(a) | 92 | 13 | $200K | 6.5% |
| Bay Colony Development Corporation | 504 (CDC) | 71 | 14 | $310K | n/a |
| New England Certified Development Corporation | 504 (CDC) | 70 | 14 | $304K | n/a |
| Bristol County Savings Bank | 7(a) | 68 | 15 | $100K | 7.75% |
| Community Investment Corporation | 7(a) | 54 | 11 | $174K | 11.25% |
| Navigant CU | 7(a) | 50 | 7 | $166K | 7.5% |
| Citizens Bank, National Association | 7(a) | 42 | 15 | $290K | 7.5% |
| Santander Bank, National Association | 7(a) | 30 | 5 | $50K | 11.82% |
| South Eastern Economic Development Corporation | 504 (CDC) | 30 | 4 | $339K | n/a |
| The Huntington National Bank | 7(a) | 30 | 13 | $211K | 10.25% |
| Baycoast Bank | 7(a) | 28 | 9 | $100K | 7.25% |
| BayFirst National Bank | 7(a) | 25 | 3 | $150K | 11.25% |
| Live Oak Banking Company | 7(a) | 21 | 12 | $800K | 9.23% |
| Readycap Lending, LLC | 7(a) | 21 | 8 | $130K | 11.25% |
| Bank of America, National Association | 7(a) | 17 | 2 | $350K | 6.13% |
| Newtek Bank, National Association | 7(a) | 17 | 8 | $150K | 11.5% |
| Shoreham Bank | 7(a) | 14 | 10 | $413K | 9.25% |
| Newtek Small Business Finance, Inc. | 7(a) | 13 | 0 | $1.1M | 6% |
| Rockland Trust Company | 7(a) | 12 | 8 | $234K | 7.37% |
| Northeast Bank | 7(a) | 12 | 10 | $84K | 10.38% |
504 loans are written by Certified Development Companies alongside a bank first mortgage. The 504 file reports no interest rate, so CDC rows show none.
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Start your funding profile →How big Rhode Island SBA loans run
Share of Rhode Island 7(a) loans by approval size, next to the national split. If your ask sits in a common band, it is the kind of loan lenders here fund every week.
| 7(a) loan size | RI | US |
|---|---|---|
| Under $150K | 51.9% | 40.4% |
| $150K to $500K | 31.7% | 31.9% |
| $500K to $1M | 8.6% | 12.9% |
| $1M and up | 7.9% | 14.9% |
Who gets funded in Rhode Island
Business age on Rhode Island 7(a) loans. 9.3% funded a change of ownership, against 11.1% nationally. Buying a business? See the acquisition lender shortlist. Starting one? See startup-friendly lenders.
| Business stage | RI | US |
|---|---|---|
| Established, more than 2 years | 61.4% | 55.2% |
| New, 2 years or less | 17.8% | 16.9% |
| Startup, loan opens the business | 11.5% | 16.8% |
| Change of ownership (buying a business) | 9.3% | 11.1% |
Industries Rhode Island SBA lenders fund most
Share of all Rhode Island SBA loans by industry, and how that compares with the national mix.
| Industry | RI loans | Share | Compared with US |
|---|---|---|---|
| Restaurants and hotels | 226 | 14.5% | in line with national |
| Retail | 216 | 13.8% | in line with national |
| Construction | 203 | 13% | in line with national |
| Personal and repair services | 150 | 9.6% | in line with national |
| Healthcare | 150 | 9.6% | in line with national |
| Manufacturing | 130 | 8.3% | 1.2x the national share |
| Professional services | 128 | 8.2% | in line with national |
| Business support services | 77 | 4.9% | in line with national |
The most common specific business types funded in Rhode Island: full-service restaurants (110), limited-service restaurants (63), landscaping services (36), all other specialty trade contractors (31), residential remodelers (30), child care services (30).
Where in Rhode Island the loans go
| County | SBA loans since FY2020 | Share of state |
|---|---|---|
| Providence | 813 | 52% |
| Kent | 296 | 19% |
| Washington | 186 | 12% |
| Newport | 182 | 12% |
| Bristol | 85 | 5% |
7(a) or 504 in Rhode Island
21% of Rhode Island SBA loans are 504 loans, against 12% nationally. A 504 loan funds owner-occupied real estate or major equipment, with a median of $342K here. A 7(a) loan covers almost anything else, including working capital and buying a business. The busiest 504 lenders in Rhode Island:
- Ocean State Business Development Authority: 146 504 loans, median $390K
- Bay Colony Development Corporation: 71 504 loans, median $310K
- New England Certified Development Corporation: 70 504 loans, median $304K
- Community Investment Corporation: 22 504 loans, median $229K
- South Eastern Economic Development Corporation: 20 504 loans, median $444K
Rhode Island SBA lending by year
| Fiscal year | 7(a) loans | 504 loans | Dollars |
|---|---|---|---|
| FY2020 | 129 | 40 | $65M |
| FY2021 | 160 | 58 | $116M |
| FY2022 | 143 | 76 | $93M |
| FY2023 | 176 | 46 | $88M |
| FY2024 | 215 | 42 | $80M |
| FY2025 | 284 | 42 | $125M |
| FY2026 (through June 30, 2026) | 125 | 26 | $49M |
The SBA fiscal year runs October through September.
Common questions
Who is the most active SBA lender in Rhode Island?
By funded loans since FY2020, BankNewport leads Rhode Island with 146 loans.
How big is a typical SBA loan in Rhode Island?
The median 7(a) loan in Rhode Island is $125K, and the middle half runs from $50K to $315K. The median 504 loan is $342K. Nationally the 7(a) median is $200K.
What interest rate do Rhode Island SBA borrowers get?
The median starting rate on Rhode Island 7(a) loans since FY2020 is 9%, against 9.25% nationally. 73% of those loans carry a variable rate, which moves with the prime rate.
Can a startup get an SBA loan in Rhode Island?
Yes. 29% of Rhode Island 7(a) loans with a reported business age went to startups or businesses two years old or younger, against 34% nationally. Lenders still expect a solid plan, owner equity and usually collateral.
Sources and limits. Derived from U.S. Small Business Administration 7(a) and 504 FOIA loan-level records, FY2020 through June 30, 2026, for projects located in Rhode Island. Cancelled approvals are excluded. Jobs supported are as reported by borrowers. Figures describe past lending activity only and are not offers, quotes, or qualification decisions. Big Brain Funding is not a lender and is not affiliated with any lender listed.