States › Rhode Island › FY2016
FY20161 Oct 2015 – 30 Sep 2016
SBA loans in Rhode Island, FY2016
That fiscal year's approvals by lender and by county.
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.
In FY2016 (1 October 2015 to 30 September 2016) SBA approved 450 loans in Rhode Island: 400 under 7(a) and 50 under 504, worth $94.5M.
That is up 26% on FY2015, when there were 357 approvals worth $88.6M.
Rhode Island accounted for 0.6% of the 70,012 approvals nationwide that year. 38 lenders had at least one approval in the state; Eastern Bank had the most, 67.
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.
Approvals by lender
The 38 lenders with the most approvals to Rhode Island businesses in FY2016, of 38 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2015 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Eastern Bank | 7(a) | 67 | $11.5M | 14.9% | 60 | +7 |
| 2 | Beacon Bank and Trust | 7(a) | 57 | $6.3M | 12.7% | 40 | +17 |
| 3 | Citizens Bank, National Association | 7(a) | 51 | $6.0M | 11.3% | 26 | +25 |
| 4 | BankNewport | 7(a) | 36 | $2.1M | 8.0% | 20 | +16 |
| 5 | Navigant CU | 7(a) | 23 | $2.1M | 5.1% | 20 | +3 |
| 6 | Ocean State Business Development Authority | 504 | 22 | $13.2M | 4.9% | 4 | +18 |
| 7 | Bristol County Savings Bank | 7(a) | 20 | $2.2M | 4.4% | 25 | -5 |
| 8 | Northeast Bank | 7(a) | 19 | $2.4M | 4.2% | 18 | +1 |
| 9 | Independence Bank | 7(a) | 17 | $2.5M | 3.8% | 16 | +1 |
| 10 | Bay Colony Development Corporation | 504 | 13 | $7.5M | 2.9% | 14 | -1 |
| 11 | Santander Bank, National Association | 7(a) | 13 | $2.1M | 2.9% | 14 | -1 |
| 12 | Webster Bank National Association | 7(a) | 12 | $3.6M | 2.7% | 6 | +6 |
| 13 | Newtek Small Business Finance, Inc. | 7(a) | 10 | $6.9M | 2.2% | 5 | +5 |
| 14 | New England Certified Development Corporation | 504 | 10 | $3.9M | 2.2% | 12 | -2 |
| 15 | Coastal1 Credit Union | 7(a) | 10 | $1.9M | 2.2% | 11 | -1 |
| 16 | Greenwood CU | 7(a) | 8 | $526K | 1.8% | 15 | -7 |
| 17 | Wells Fargo Bank National Association | 7(a) | 6 | $4.1M | 1.3% | 6 | 0 |
| 18 | Centreville Bank | 7(a) | 6 | $1.2M | 1.3% | 0 | new |
| 19 | The Washington Trust Company of Westerly | 7(a) | 6 | $328K | 1.3% | 4 | +2 |
| 20 | TD Bank, National Association | 7(a) | 5 | $3.3M | 1.1% | 2 | +3 |
| 21 | Celtic Bank Corporation | 7(a) | 4 | $750K | 0.9% | 5 | -1 |
| 22 | Live Oak Banking Company | 7(a) | 4 | $532K | 0.9% | 5 | -1 |
| 23 | People's Credit Union | 7(a) | 4 | $439K | 0.9% | 2 | +2 |
| 24 | Community Investment Corporation | 504 | 3 | $2.2M | 0.7% | 3 | 0 |
| 25 | Happen Bank | 7(a) | 3 | $673K | 0.7% | 4 | -1 |
| 26 | Bank of America, National Association | 7(a) | 3 | $475K | 0.7% | 1 | +2 |
| 27 | Community Investment Corporation | 7(a) | 3 | $364K | 0.7% | 0 | new |
| 28 | First National Bank of Pennsylvania | 7(a) | 2 | — | 0.4% | 0 | new |
| 29 | Bank Five Nine | 7(a) | 2 | — | 0.4% | 0 | new |
| 30 | South Eastern Economic Development Corporation | 504 | 2 | — | 0.4% | 7 | -5 |
| 31 | Westerly Community CU | 7(a) | 2 | — | 0.4% | 0 | new |
| 32 | First Financial Bank | 7(a) | 1 | — | 0.2% | 0 | new |
| 33 | Shoreham Bank | 7(a) | 1 | — | 0.2% | 1 | 0 |
| 34 | BayFirst National Bank | 7(a) | 1 | — | 0.2% | 0 | new |
| 35 | Titan Bank, National Association | 7(a) | 1 | — | 0.2% | 0 | new |
| 36 | South Eastern Economic Development Corporation | 7(a) | 1 | — | 0.2% | 0 | new |
| 37 | Rockland Trust Company | 7(a) | 1 | — | 0.2% | 0 | new |
| 38 | Fall River Five Cents Savings Bank d/b/a BankFive | 7(a) | 1 | — | 0.2% | 6 | -5 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2015 | Change |
|---|---|---|---|---|---|---|
| 1 | Providence County | 248 | $49.9M | 55.1% | 193 | +55 |
| 2 | Kent County | 89 | $16.6M | 19.8% | 77 | +12 |
| 3 | Washington County | 46 | $15.3M | 10.2% | 36 | +10 |
| 4 | Newport County | 40 | $8.1M | 8.9% | 30 | +10 |
| 5 | Bristol County | 27 | $4.7M | 6.0% | 21 | +6 |
FY2016 against FY2015
| Rhode Island | FY2016 | FY2015 |
|---|---|---|
| 7(a) approvals | 400 | 317 |
| 7(a) dollars | $67.3M | $64.8M |
| Median 7(a) approval | $100K | $98K |
| 504 approvals | 50 | 40 |
| 504 dollars | $27.2M | $23.8M |
| Jobs supported, as reported | 3,156 | 3,403 |
Questions and answers
Which lenders made the most SBA loans in Rhode Island in FY2016?
Eastern Bank (67), Beacon Bank and Trust (57), Citizens Bank, National Association (51), BankNewport (36), Navigant CU (23). 38 lenders had at least one approval.
How many SBA loans were approved in Rhode Island in FY2016?
450: 400 under 7(a) worth $67.3M and 50 under 504 worth $27.2M.
Which Rhode Island counties had the most SBA approvals in FY2016?
Providence County (248), Kent County (89), Washington County (46), Newport County (40), Bristol County (27).
When does FY2016 start and end?
The federal fiscal year 2016 runs from 1 October 2015 to 30 September 2016.
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. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error