States › Rhode Island › FY2018
FY20181 Oct 2017 – 30 Sep 2018
SBA loans in Rhode Island, FY2018
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 FY2018 (1 October 2017 to 30 September 2018) SBA approved 400 loans in Rhode Island: 338 under 7(a) and 62 under 504, worth $83.1M.
That is about level with FY2017, when there were 404 approvals worth $91.2M.
Rhode Island accounted for 0.6% of the 66,228 approvals nationwide that year. 37 lenders had at least one approval in the state; Eastern Bank had the most, 52.
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 37 lenders with the most approvals to Rhode Island businesses in FY2018, of 37 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2017 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Eastern Bank | 7(a) | 52 | $6.0M | 13.0% | 50 | +2 |
| 2 | Beacon Bank and Trust | 7(a) | 40 | $2.5M | 10.0% | 46 | -6 |
| 3 | Citizens Bank, National Association | 7(a) | 35 | $5.0M | 8.8% | 70 | -35 |
| 4 | Ocean State Business Development Authority | 504 | 28 | $13.2M | 7.0% | 20 | +8 |
| 5 | Northeast Bank | 7(a) | 26 | $2.4M | 6.5% | 7 | +19 |
| 6 | Navigant CU | 7(a) | 25 | $2.2M | 6.3% | 25 | 0 |
| 7 | Independence Bank | 7(a) | 24 | $1.7M | 6.0% | 16 | +8 |
| 8 | Bristol County Savings Bank | 7(a) | 21 | $8.6M | 5.3% | 14 | +7 |
| 9 | TD Bank, National Association | 7(a) | 21 | $2.5M | 5.3% | 9 | +12 |
| 10 | Bay Colony Development Corporation | 504 | 20 | $6.6M | 5.0% | 15 | +5 |
| 11 | Webster Bank National Association | 7(a) | 14 | $5.7M | 3.5% | 14 | 0 |
| 12 | Santander Bank, National Association | 7(a) | 14 | $1.4M | 3.5% | 8 | +6 |
| 13 | BankNewport | 7(a) | 12 | $1.0M | 3.0% | 10 | +2 |
| 14 | New England Certified Development Corporation | 504 | 9 | $3.7M | 2.3% | 10 | -1 |
| 15 | Newtek Small Business Finance, Inc. | 7(a) | 7 | $4.9M | 1.8% | 9 | -2 |
| 16 | Stearns Bank National Association | 7(a) | 4 | $1.9M | 1.0% | 1 | +3 |
| 17 | BayFirst National Bank | 7(a) | 4 | $560K | 1.0% | 3 | +1 |
| 18 | Centreville Bank | 7(a) | 4 | $485K | 1.0% | 12 | -8 |
| 19 | Celtic Bank Corporation | 7(a) | 4 | $460K | 1.0% | 2 | +2 |
| 20 | The Washington Trust Company of Westerly | 7(a) | 4 | $380K | 1.0% | 4 | 0 |
| 21 | Coastal1 Credit Union | 7(a) | 3 | $2.8M | 0.8% | 6 | -3 |
| 22 | First Financial Bank | 7(a) | 3 | $2.1M | 0.8% | 1 | +2 |
| 23 | Community Investment Corporation | 504 | 3 | $1.5M | 0.8% | 0 | new |
| 24 | Leader Bank, National Association | 7(a) | 3 | $1.3M | 0.8% | 4 | -1 |
| 25 | Community Investment Corporation | 7(a) | 3 | $458K | 0.8% | 6 | -3 |
| 26 | Greenwood CU | 7(a) | 3 | $330K | 0.8% | 14 | -11 |
| 27 | Baycoast Bank | 7(a) | 3 | $300K | 0.8% | 2 | +1 |
| 28 | South Eastern Economic Development Corporation | 504 | 2 | — | 0.5% | 6 | -4 |
| 29 | Readycap Lending, LLC | 7(a) | 1 | — | 0.3% | 1 | 0 |
| 30 | First Bank | 7(a) | 1 | — | 0.3% | 0 | new |
| 31 | Seacoast National Bank | 7(a) | 1 | — | 0.3% | 0 | new |
| 32 | Business Development Company | 7(a) | 1 | — | 0.3% | 0 | new |
| 33 | Fall River Five Cents Savings Bank d/b/a BankFive | 7(a) | 1 | — | 0.3% | 5 | -4 |
| 34 | Rockland Trust Company | 7(a) | 1 | — | 0.3% | 0 | new |
| 35 | Mechanics Cooperative Bank | 7(a) | 1 | — | 0.3% | 1 | 0 |
| 36 | Cornerstone Bank | 7(a) | 1 | — | 0.3% | 0 | new |
| 37 | Florida Capital Bank, National Association | 7(a) | 1 | — | 0.3% | 0 | new |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2017 | Change |
|---|---|---|---|---|---|---|
| 1 | Providence County | 227 | $48.2M | 56.8% | 204 | +23 |
| 2 | Kent County | 73 | $15.3M | 18.3% | 81 | -8 |
| 3 | Washington County | 39 | $9.9M | 9.8% | 58 | -19 |
| 4 | Newport County | 37 | $8.0M | 9.3% | 33 | +4 |
| 5 | Bristol County | 24 | $1.6M | 6.0% | 28 | -4 |
FY2018 against FY2017
| Rhode Island | FY2018 | FY2017 |
|---|---|---|
| 7(a) approvals | 338 | 353 |
| 7(a) dollars | $57.7M | $61.8M |
| Median 7(a) approval | $85K | $80K |
| 504 approvals | 62 | 51 |
| 504 dollars | $25.4M | $29.3M |
| Jobs supported, as reported | 2,772 | 2,576 |
Questions and answers
Which lenders made the most SBA loans in Rhode Island in FY2018?
Eastern Bank (52), Beacon Bank and Trust (40), Citizens Bank, National Association (35), Ocean State Business Development Authority (28), Northeast Bank (26). 37 lenders had at least one approval.
How many SBA loans were approved in Rhode Island in FY2018?
400: 338 under 7(a) worth $57.7M and 62 under 504 worth $25.4M.
Which Rhode Island counties had the most SBA approvals in FY2018?
Providence County (227), Kent County (73), Washington County (39), Newport County (37), Bristol County (24).
When does FY2018 start and end?
The federal fiscal year 2018 runs from 1 October 2017 to 30 September 2018.
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