States › Rhode Island › FY2017
FY20171 Oct 2016 – 30 Sep 2017
SBA loans in Rhode Island, FY2017
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 FY2017 (1 October 2016 to 30 September 2017) SBA approved 404 loans in Rhode Island: 353 under 7(a) and 51 under 504, worth $91.2M.
That is down 10% on FY2016, when there were 450 approvals worth $94.5M.
Rhode Island accounted for 0.6% of the 68,648 approvals nationwide that year. 41 lenders had at least one approval in the state; Citizens Bank, National Association had the most, 70.
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 40 lenders with the most approvals to Rhode Island businesses in FY2017, of 41 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2016 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Citizens Bank, National Association | 7(a) | 70 | $8.0M | 17.3% | 51 | +19 |
| 2 | Eastern Bank | 7(a) | 50 | $5.4M | 12.4% | 67 | -17 |
| 3 | Beacon Bank and Trust | 7(a) | 46 | $3.2M | 11.4% | 57 | -11 |
| 4 | Navigant CU | 7(a) | 25 | $2.5M | 6.2% | 23 | +2 |
| 5 | Ocean State Business Development Authority | 504 | 20 | $14.3M | 5.0% | 22 | -2 |
| 6 | Independence Bank | 7(a) | 16 | $1.7M | 4.0% | 17 | -1 |
| 7 | Bay Colony Development Corporation | 504 | 15 | $7.3M | 3.7% | 13 | +2 |
| 8 | Webster Bank National Association | 7(a) | 14 | $4.0M | 3.5% | 12 | +2 |
| 9 | Bristol County Savings Bank | 7(a) | 14 | $3.8M | 3.5% | 20 | -6 |
| 10 | Greenwood CU | 7(a) | 14 | $1.1M | 3.5% | 8 | +6 |
| 11 | Centreville Bank | 7(a) | 12 | $1.8M | 3.0% | 6 | +6 |
| 12 | New England Certified Development Corporation | 504 | 10 | $4.8M | 2.5% | 10 | 0 |
| 13 | BankNewport | 7(a) | 10 | $633K | 2.5% | 36 | -26 |
| 14 | Newtek Small Business Finance, Inc. | 7(a) | 9 | $7.8M | 2.2% | 10 | -1 |
| 15 | TD Bank, National Association | 7(a) | 9 | $914K | 2.2% | 5 | +4 |
| 16 | Santander Bank, National Association | 7(a) | 8 | $475K | 2.0% | 13 | -5 |
| 17 | Northeast Bank | 7(a) | 7 | $675K | 1.7% | 19 | -12 |
| 18 | South Eastern Economic Development Corporation | 504 | 6 | $2.9M | 1.5% | 2 | +4 |
| 19 | Coastal1 Credit Union | 7(a) | 6 | $764K | 1.5% | 10 | -4 |
| 20 | Community Investment Corporation | 7(a) | 6 | $654K | 1.5% | 3 | +3 |
| 21 | Fall River Five Cents Savings Bank d/b/a BankFive | 7(a) | 5 | $462K | 1.2% | 1 | +4 |
| 22 | The Washington Trust Company of Westerly | 7(a) | 4 | $255K | 1.0% | 6 | -2 |
| 23 | Leader Bank, National Association | 7(a) | 4 | $200K | 1.0% | 0 | new |
| 24 | BayFirst National Bank | 7(a) | 3 | $675K | 0.7% | 1 | +2 |
| 25 | Happen Bank | 7(a) | 2 | — | 0.5% | 3 | -1 |
| 26 | Live Oak Banking Company | 7(a) | 2 | — | 0.5% | 4 | -2 |
| 27 | Celtic Bank Corporation | 7(a) | 2 | — | 0.5% | 4 | -2 |
| 28 | Baycoast Bank | 7(a) | 2 | — | 0.5% | 0 | new |
| 29 | Bankwell Bank | 7(a) | 1 | — | 0.2% | 0 | new |
| 30 | Banc of California | 7(a) | 1 | — | 0.2% | 0 | new |
| 31 | First Financial Bank | 7(a) | 1 | — | 0.2% | 1 | 0 |
| 32 | Readycap Lending, LLC | 7(a) | 1 | — | 0.2% | 0 | new |
| 33 | Wells Fargo Bank National Association | 7(a) | 1 | — | 0.2% | 6 | -5 |
| 34 | Bank of America, National Association | 7(a) | 1 | — | 0.2% | 3 | -2 |
| 35 | Avidia Bank | 7(a) | 1 | — | 0.2% | 0 | new |
| 36 | Wilmington Savings Fund Society FSB | 7(a) | 1 | — | 0.2% | 0 | new |
| 37 | Manufacturers and Traders Trust Company | 7(a) | 1 | — | 0.2% | 0 | new |
| 38 | Mechanics Cooperative Bank | 7(a) | 1 | — | 0.2% | 0 | new |
| 39 | Stearns Bank National Association | 7(a) | 1 | — | 0.2% | 0 | new |
| 40 | UniBank for Savings | 7(a) | 1 | — | 0.2% | 0 | new |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2016 | Change |
|---|---|---|---|---|---|---|
| 1 | Providence County | 204 | $36.5M | 50.5% | 248 | -44 |
| 2 | Kent County | 81 | $18.7M | 20.0% | 89 | -8 |
| 3 | Washington County | 58 | $22.9M | 14.4% | 46 | +12 |
| 4 | Newport County | 33 | $9.0M | 8.2% | 40 | -7 |
| 5 | Bristol County | 28 | $4.1M | 6.9% | 27 | +1 |
FY2017 against FY2016
| Rhode Island | FY2017 | FY2016 |
|---|---|---|
| 7(a) approvals | 353 | 400 |
| 7(a) dollars | $61.8M | $67.3M |
| Median 7(a) approval | $80K | $100K |
| 504 approvals | 51 | 50 |
| 504 dollars | $29.3M | $27.2M |
| Jobs supported, as reported | 2,576 | 3,156 |
Questions and answers
Which lenders made the most SBA loans in Rhode Island in FY2017?
Citizens Bank, National Association (70), Eastern Bank (50), Beacon Bank and Trust (46), Navigant CU (25), Ocean State Business Development Authority (20). 41 lenders had at least one approval.
How many SBA loans were approved in Rhode Island in FY2017?
404: 353 under 7(a) worth $61.8M and 51 under 504 worth $29.3M.
Which Rhode Island counties had the most SBA approvals in FY2017?
Providence County (204), Kent County (81), Washington County (58), Newport County (33), Bristol County (28).
When does FY2017 start and end?
The federal fiscal year 2017 runs from 1 October 2016 to 30 September 2017.
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