States › Rhode Island
State0.4% of US approvals94 lenders active
SBA loans in Rhode Island
7(a) and 504 approvals by fiscal year, the lenders behind them, and where in the state they went. Pick a fiscal year for that year's lenders and counties.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Rhode Island received 1,402 SBA loan approvals worth $569M in FY2021 to FY2025, 1,121 of them 7(a) loans and 281 504 loans.
That is 47.5 approvals for every 1,000 business establishments in the state, against 41.0 nationally, and 0.4% of all approvals in the country (42nd of 54 states and territories).
In FY2025 there were 376 approvals totalling $139M, up 27% on FY2024. The median 7(a) approval over the five years was $150K and the median 504 approval $366K.
94 lenders had at least one approval in the state; by number of 7(a) approvals the most active were TD Bank, National Association (126), Eastern Bank (110) and BankNewport (105).
Of 7(a) loans approved in FY2010 to FY2021 and disbursed, SBA records 5.3% as charged off, against 6.6% nationally.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Most active 7(a) lenders in Rhode Island
Ranked by number of approvals to businesses in the state, FY2021–FY2025. The column of bars shows each lender's approvals here in every fiscal year; the charged-off column is the lender's nationwide figure.
| # | Lender | Approvals in RI, FY2021–25 | Dollars | Share | Median approval, all states | FY2016–26 | Charged off, FY2010–21 loans |
|---|---|---|---|---|---|---|---|
| 1 | TD Bank, National AssociationWilmington, DE | 126 | $15.7M | 11.2% | $50K | 14.4% | |
| 2 | Eastern BankBoston, MA | 110 | $36.2M | 9.8% | $78K | 6.7% | |
| 3 | BankNewportMiddletown, RI | 105 | $7.1M | 9.4% | $60K | 0.6% | |
| 4 | Beacon Bank and TrustBrookline, MA | 104 | $33.4M | 9.3% | $630K | 4.6% | |
| 5 | Webster Bank National AssociationWaterbury, CT | 89 | $36.5M | 7.9% | $200K | 3.8% | |
| 6 | Bristol County Savings BankTaunton, MA | 53 | $20.4M | 4.7% | $90K | 2.1% | |
| 7 | Navigant CUSmithfield, RI | 43 | $11.0M | 3.8% | $220K | 5.2% | |
| 8 | Citizens Bank, National AssociationProvidence, RI | 33 | $26.5M | 2.9% | $350K | 4.0% | |
| 9 | The Huntington National BankColumbus, OH | 32 | $11.0M | 2.9% | $92K | 5.7% | |
| 10 | Community Investment CorporationHamden, CT | 30 | $4.8M | 2.7% | $150K | 10.1% | |
| 11 | Northeast BankLewiston, ME | 30 | $4.6M | 2.7% | $106K | 12.8% | |
| 12 | Santander Bank, National AssociationWilmington, DE | 27 | $1.6M | 2.4% | $60K | 6.8% | |
| 13 | Bank of America, National AssociationCharlotte, NC | 25 | $10.3M | 2.2% | $300K | 2.6% | |
| 14 | BayFirst National BankSaint Petersburg, FL | 24 | $3.3M | 2.1% | $150K | 19.2% | |
| 15 | Readycap Lending, LLCBerkeley Heights, NJ | 22 | $12.3M | 2.0% | $138K | 4.3% | |
| 16 | Newtek Small Business Finance, Inc.Lake Success, NY | 20 | $22.9M | 1.8% | $300K | 6.8% | |
| 17 | Baycoast BankSwansea, MA | 20 | $3.8M | 1.8% | $100K | 2.9% | |
| 18 | Newtek Bank, National AssociationMiami, FL | 19 | $10.4M | 1.7% | $225K | — | |
| 19 | Live Oak Banking CompanyWilmington, NC | 16 | $19.5M | 1.4% | $850K | 2.2% | |
| 20 | Shoreham BankWarwick, RI | 11 | $8.9M | 1.0% | $1.4M | 2.2% | |
| 21 | Rockland Trust CompanyRockland, MA | 11 | $5.6M | 1.0% | $200K | 3.0% | |
| 22 | The Washington Trust Company of WesterlyWesterly, RI | 10 | $2.4M | 0.9% | $225K | 7.7% | |
| 23 | JPMorgan Chase Bank, National AssociationColumbus, OH | 10 | $1.7M | 0.9% | $200K | 7.4% | |
| 24 | Celtic Bank CorporationSalt Lake City, UT | 9 | $7.6M | 0.8% | $150K | 17.0% | |
| 25 | South Eastern Economic Development CorporationTaunton, MA | 8 | $866K | 0.7% | $100K | — | |
| 26 | Jewett City Savings BankJewett City, CT | 7 | $3.3M | 0.6% | $200K | 2.2% | |
| 27 | Metro City BankDoraville, GA | 6 | $3.9M | 0.5% | $1.3M | 2.1% | |
| 28 | Dean Co-operative BankFranklin, MA | 6 | $1.4M | 0.5% | $69K | 0.0% | |
| 29 | Greenwood CUWarwick, RI | 6 | $1.1M | 0.5% | $125K | 3.3% | |
| 30 | Coastal1 Credit UnionPawtucket, RI | 5 | $4.1M | 0.4% | $550K | 10.4% | |
| 31 | First Bank of the LakeOsage Beach, MO | 4 | $7.5M | 0.4% | $350K | 2.7% | |
| 32 | First Internet Bank of IndianaFishers, IN | 4 | $4.2M | 0.4% | $895K | 5.3% | |
| 33 | TowneBankPortsmouth, VA | 4 | $2.0M | 0.4% | $638K | 3.3% | |
| 34 | United Midwest Savings Bank National AssociationDe Graff, OH | 4 | $1.8M | 0.4% | $150K | 15.9% | |
| 35 | Lendistry SBLC, LLCLos Angeles, CA | 4 | $991K | 0.4% | $150K | 22.7% | |
| 36 | Meridian BankMalvern, PA | 3 | $5.5M | 0.3% | $525K | 2.8% | |
| 37 | Wells Fargo Bank National AssociationSioux Falls, SD | 3 | $1.2M | 0.3% | $15K | 7.9% | |
| 38 | Heritage Bank IncBurlington, KY | 3 | $986K | 0.3% | $150K | — | |
| 39 | Westerly Community CUWesterly, RI | 3 | $942K | 0.3% | $250K | 2.3% | |
| 40 | Stearns Bank National AssociationSaint Cloud, MN | 3 | $830K | 0.3% | $266K | 9.9% |
504 certified development companies
| # | Lender | Approvals in RI, FY2021–25 | Dollars | Share | Median approval, all states | FY2016–26 | Charged off, FY2010–21 loans |
|---|---|---|---|---|---|---|---|
| 1 | Ocean State Business Development AuthorityWarwick, RI · 504 CDC | 124 | $73.1M | 44.1% | $426K | 1.3% | |
| 2 | Bay Colony Development CorporationWaltham, MA · 504 CDC | 62 | $31.6M | 22.1% | $417K | 1.3% | |
| 3 | New England Certified Development CorporationWakefield, MA · 504 CDC | 60 | $30.3M | 21.4% | $499K | 0.8% | |
| 4 | South Eastern Economic Development CorporationTaunton, MA · 504 CDC | 17 | $9.4M | 6.0% | $502K | 1.5% | |
| 5 | Community Investment CorporationHamden, CT · 504 CDC | 17 | $5.1M | 6.0% | $450K | 2.5% | |
| 6 | Granite State Economic Development CorporationPortsmouth, NH · 504 CDC | 1 | — | 0.4% | $363K | 1.5% |
Fiscal-year ledger
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 137 | $43.6M | $100K | 26 | $10.5M | 163 | 1,132 |
| FY2025 | 331 | $105M | $100K | 45 | $33.8M | 376 | 2,749 |
| FY2024 | 252 | $77.4M | $100K | 43 | $16.5M | 295 | 2,188 |
| FY2023 | 199 | $71.4M | $140K | 46 | $28.6M | 245 | 2,005 |
| FY2022 | 158 | $60.0M | $150K | 78 | $42.1M | 236 | 1,939 |
| FY2021 | 181 | $105M | $250K | 69 | $29.2M | 250 | 2,558 |
| FY2020 | 156 | $46.2M | $139K | 59 | $37.3M | 215 | 1,534 |
| FY2019 | 222 | $68.7M | $94K | 62 | $24.5M | 284 | 2,313 |
| FY2018 | 338 | $57.7M | $85K | 62 | $25.4M | 400 | 2,772 |
| FY2017 | 353 | $61.8M | $80K | 51 | $29.3M | 404 | 2,576 |
| FY2016 | 400 | $67.3M | $100K | 50 | $27.2M | 450 | 3,156 |
7(a) approvals504 approvals
Counties
Approvals in FY2021–FY2025 set against the Census Bureau's count of business establishments. Counties with at least 30 approvals have their own page.
| # | County | Approvals | Dollars | Establishments | Per 1,000 establishments | By fiscal year |
|---|---|---|---|---|---|---|
| 1 | Providence County | 750 | $279M | 16,414 | 45.7 | |
| 2 | Kent County | 256 | $121M | 4,739 | 54.0 | |
| 3 | Newport County | 168 | $60.1M | 2,800 | 60.0 | |
| 4 | Washington County | 162 | $85.2M | 3,799 | 42.6 | |
| 5 | Bristol County | 66 | $23.5M | 1,331 | 49.6 |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 164 | $63.2M | 11.7% | |
| 2 | Services to Buildings and DwellingsNAICS 5617 | 52 | $17.4M | 3.7% | |
| 3 | Offices of Other Health PractitionersNAICS 6213 | 47 | $9.5M | 3.4% | |
| 4 | Automotive Repair and MaintenanceNAICS 8111 | 42 | $12.5M | 3.0% | |
| 5 | Other Specialty Trade ContractorsNAICS 2389 | 41 | $13.4M | 2.9% | |
| 6 | Building Equipment ContractorsNAICS 2382 | 40 | $11.3M | 2.9% | |
| 7 | Personal Care ServicesNAICS 8121 | 40 | $6.6M | 2.9% | |
| 8 | Child Day Care ServicesNAICS 6244 | 39 | $14.0M | 2.8% | |
| 9 | Residential Building ConstructionNAICS 2361 | 38 | $6.0M | 2.7% | |
| 10 | Beer, Wine, and Liquor StoresNAICS 4453 | 36 | $21.8M | 2.6% | |
| 11 | Other Amusement and Recreation IndustriesNAICS 7139 | 29 | $17.8M | 2.1% | |
| 12 | Grocery StoresNAICS 4451 | 28 | $14.4M | 2.0% | |
| 13 | Other Personal ServicesNAICS 8129 | 28 | $7.6M | 2.0% | |
| 14 | Building Finishing ContractorsNAICS 2383 | 25 | $2.9M | 1.8% | |
| 15 | General Freight TruckingNAICS 4841 | 23 | $3.3M | 1.6% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 211 | 15.0% | |
| 2 | Retail Trade | 191 | 13.6% | |
| 3 | Construction | 180 | 12.8% | |
| 4 | Health Care and Social Assistance | 143 | 10.2% | |
| 5 | Other Services (except Public Administration) | 128 | 9.1% | |
| 6 | Manufacturing | 113 | 8.1% | |
| 7 | Professional, Scientific, and Technical Services | 110 | 7.8% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 72 | 5.1% | |
| 9 | Wholesale Trade | 60 | 4.3% | |
| 10 | Transportation and Warehousing | 51 | 3.6% |
Franchise brands
| # | Brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Jersey Mike’s Subs | 5 | 0.4% | |
| 2 | Sonic | 4 | 0.3% | |
| 3 | Super 8 by Wyndhan | 3 | 0.2% | |
| 4 | Tropical Smoothie Cafe | 3 | 0.2% | |
| 5 | Saladworks | 3 | 0.2% | |
| 6 | btone FITNESS | 3 | 0.2% | |
| 7 | Holiday Inn Express | 2 | 0.1% | |
| 8 | Red Roof Inn | 2 | 0.1% | |
| 9 | Allegra | 2 | 0.1% | |
| 10 | Crumbl | 2 | 0.1% |
How earlier loans turned out
| Loans approved FY2010–FY2021 | RI 7(a) | US 7(a) | RI 504 | US 504 |
|---|---|---|---|---|
| Approvals in these years | 3,682 | 639,905 | 627 | 85,591 |
| Cancelled or never disbursed | 522 | 79,313 | 113 | 12,514 |
| Disbursed loans | 3,160 | 560,592 | 514 | 73,077 |
| Paid in full | 2,586 | 435,813 | 203 | 35,491 |
| Charged off | 169 | 36,891 | 6 | 905 |
| Still outstanding (status exempt from disclosure) | 405 | 87,888 | 305 | 36,681 |
| Charged off, share of disbursed loans | 5.3% | 6.6% | 1.2% | 1.2% |
| Dollars charged off, share of disbursed dollars | 3.6% | 2.5% | 0.3% | 0.9% |
| Dollars charged off | $24.8M | $5.70bn | $747K | $499M |
Approval sizes
- $50,000 or less20.7%290
- $50,001 to $150,00027.0%379
- $150,001 to $350,00023.1%324
- $350,001 to $1 million20.8%291
- $1 million to $2 million4.9%68
- Over $2 million3.6%50
Age of the businesses
- Existing, more than 2 years old66.4%931
- New business, 2 years or less15.2%213
- Startup, loan funds will open the business10.9%153
- Change of ownership7.4%104
- Not answered0.1%1
Against the country
| FY2021–FY2025 | Rhode Island | United States |
|---|---|---|
| Approvals per 1,000 establishments | 47.5 | 41.0 |
| Median 7(a) approval | $150K | $190K |
| Median 504 approval | $366K | $657K |
| 504 share of approvals | 20.0% | 11.0% |
| Jobs supported per approval, as reported | 8.2 | 10.5 |
| Approvals, change on FY2016–FY2020 | -20% | 10% |
Questions and answers
Which lenders make the most SBA loans in Rhode Island?
By 7(a) approvals in FY2021 to FY2025: TD Bank, National Association (126), Eastern Bank (110), BankNewport (105), Beacon Bank and Trust (104), Webster Bank National Association (89). For 504 loans: Ocean State Business Development Authority (124), Bay Colony Development Corporation (62), New England Certified Development Corporation (60). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Rhode Island?
The median 7(a) approval was $150K and the median 504 approval $366K; the average across both programs was $406K.
Which industries get the most SBA loans in Rhode Island?
Restaurants and Other Eating Places (164); Services to Buildings and Dwellings (52); Offices of Other Health Practitioners (47); Automotive Repair and Maintenance (42); Other Specialty Trade Contractors (41).
Which Rhode Island counties receive the most SBA loans?
Providence County (750), Kent County (256), Newport County (168), Washington County (162), Bristol County (66), by approvals in FY2021 to FY2025.
Is SBA lending in Rhode Island rising?
Approvals in the three latest complete fiscal years total 916, against 701 in the three before: rising (+31%).
What share of SBA loans in Rhode Island are charged off?
Of 7(a) loans approved in FY2010 to FY2021 and disbursed, 5.3% are recorded as charged off (national: 6.6%); for 504 loans the figure is 1.2% (national: 1.2%). Newer loans are left out because most have not had time to reach either outcome.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error