States › Rhode Island › FY2019
FY20191 Oct 2018 – 30 Sep 2019
SBA loans in Rhode Island, FY2019
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 FY2019 (1 October 2018 to 30 September 2019) SBA approved 284 loans in Rhode Island: 222 under 7(a) and 62 under 504, worth $93.2M.
That is down 29% on FY2018, when there were 400 approvals worth $83.1M.
Rhode Island accounted for 0.5% of the 58,006 approvals nationwide that year. 43 lenders had at least one approval in the state; Ocean State Business Development Authority had the most, 30.
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 FY2019, of 43 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2018 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Ocean State Business Development Authority | 504 | 30 | $10.5M | 10.6% | 28 | +2 |
| 2 | Bristol County Savings Bank | 7(a) | 24 | $8.0M | 8.5% | 21 | +3 |
| 3 | Beacon Bank and Trust | 7(a) | 24 | $6.8M | 8.5% | 40 | -16 |
| 4 | Navigant CU | 7(a) | 22 | $2.1M | 7.7% | 25 | -3 |
| 5 | Webster Bank National Association | 7(a) | 19 | $6.8M | 6.7% | 14 | +5 |
| 6 | Eastern Bank | 7(a) | 18 | $2.8M | 6.3% | 52 | -34 |
| 7 | New England Certified Development Corporation | 504 | 14 | $6.6M | 4.9% | 9 | +5 |
| 8 | Bay Colony Development Corporation | 504 | 14 | $5.5M | 4.9% | 20 | -6 |
| 9 | Greenwood CU | 7(a) | 12 | $3.5M | 4.2% | 3 | +9 |
| 10 | TD Bank, National Association | 7(a) | 12 | $494K | 4.2% | 21 | -9 |
| 11 | Newtek Small Business Finance, Inc. | 7(a) | 9 | $13.3M | 3.2% | 7 | +2 |
| 12 | Santander Bank, National Association | 7(a) | 9 | $333K | 3.2% | 14 | -5 |
| 13 | Citizens Bank, National Association | 7(a) | 8 | $3.0M | 2.8% | 35 | -27 |
| 14 | Northeast Bank | 7(a) | 7 | $925K | 2.5% | 26 | -19 |
| 15 | BankNewport | 7(a) | 7 | $885K | 2.5% | 12 | -5 |
| 16 | BayFirst National Bank | 7(a) | 5 | $742K | 1.8% | 4 | +1 |
| 17 | Independence Bank | 7(a) | 4 | $600K | 1.4% | 24 | -20 |
| 18 | Celtic Bank Corporation | 7(a) | 3 | $2.6M | 1.1% | 4 | -1 |
| 19 | Coastal1 Credit Union | 7(a) | 3 | $1.6M | 1.1% | 3 | 0 |
| 20 | Live Oak Banking Company | 7(a) | 3 | $1.2M | 1.1% | 0 | new |
| 21 | South Eastern Economic Development Corporation | 504 | 3 | $981K | 1.1% | 2 | +1 |
| 22 | Community Investment Corporation | 7(a) | 3 | $269K | 1.1% | 3 | 0 |
| 23 | Truist Bank | 7(a) | 2 | — | 0.7% | 0 | new |
| 24 | Wells Fargo Bank National Association | 7(a) | 2 | — | 0.7% | 0 | new |
| 25 | Centreville Bank | 7(a) | 2 | — | 0.7% | 4 | -2 |
| 26 | Seacoast National Bank | 7(a) | 2 | — | 0.7% | 1 | +1 |
| 27 | Rockland Trust Company | 7(a) | 2 | — | 0.7% | 1 | +1 |
| 28 | Leader Bank, National Association | 7(a) | 2 | — | 0.7% | 3 | -1 |
| 29 | Stearns Bank National Association | 7(a) | 2 | — | 0.7% | 4 | -2 |
| 30 | The Washington Trust Company of Westerly | 7(a) | 2 | — | 0.7% | 4 | -2 |
| 31 | Fall River Five Cents Savings Bank d/b/a BankFive | 7(a) | 2 | — | 0.7% | 1 | +1 |
| 32 | Chelsea Groton Bank | 7(a) | 2 | — | 0.7% | 0 | new |
| 33 | Patriot Bank, National Association | 7(a) | 1 | — | 0.4% | 0 | new |
| 34 | People's Credit Union | 7(a) | 1 | — | 0.4% | 0 | new |
| 35 | Granite State Economic Development Corporation | 504 | 1 | — | 0.4% | 0 | new |
| 36 | First Bank | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 37 | Cornerstone Bank | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 38 | Florida Capital Bank, National Association | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 39 | UniBank for Savings | 7(a) | 1 | — | 0.4% | 0 | new |
| 40 | North State Bank | 7(a) | 1 | — | 0.4% | 0 | new |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2018 | Change |
|---|---|---|---|---|---|---|
| 1 | Providence County | 140 | $48.4M | 49.3% | 227 | -87 |
| 2 | Kent County | 66 | $16.0M | 23.2% | 73 | -7 |
| 3 | Washington County | 34 | $11.8M | 12.0% | 39 | -5 |
| 4 | Newport County | 27 | $14.3M | 9.5% | 37 | -10 |
| 5 | Bristol County | 17 | $2.7M | 6.0% | 24 | -7 |
FY2019 against FY2018
| Rhode Island | FY2019 | FY2018 |
|---|---|---|
| 7(a) approvals | 222 | 338 |
| 7(a) dollars | $68.7M | $57.7M |
| Median 7(a) approval | $94K | $85K |
| 504 approvals | 62 | 62 |
| 504 dollars | $24.5M | $25.4M |
| Jobs supported, as reported | 2,313 | 2,772 |
Questions and answers
Which lenders made the most SBA loans in Rhode Island in FY2019?
Ocean State Business Development Authority (30), Bristol County Savings Bank (24), Beacon Bank and Trust (24), Navigant CU (22), Webster Bank National Association (19). 43 lenders had at least one approval.
How many SBA loans were approved in Rhode Island in FY2019?
284: 222 under 7(a) worth $68.7M and 62 under 504 worth $24.5M.
Which Rhode Island counties had the most SBA approvals in FY2019?
Providence County (140), Kent County (66), Washington County (34), Newport County (27), Bristol County (17).
When does FY2019 start and end?
The federal fiscal year 2019 runs from 1 October 2018 to 30 September 2019.
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