States › Rhode Island › FY2020
FY20201 Oct 2019 – 30 Sep 2020
SBA loans in Rhode Island, FY2020
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 FY2020 (1 October 2019 to 30 September 2020) SBA approved 215 loans in Rhode Island: 156 under 7(a) and 59 under 504, worth $83.5M.
That is down 24% on FY2019, when there were 284 approvals worth $93.2M.
Rhode Island accounted for 0.4% of the 49,417 approvals nationwide that year. 39 lenders had at least one approval in the state; Ocean State Business Development Authority had the most, 28.
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 39 lenders with the most approvals to Rhode Island businesses in FY2020, of 39 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2019 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Ocean State Business Development Authority | 504 | 28 | $10.7M | 13.0% | 30 | -2 |
| 2 | Beacon Bank and Trust | 7(a) | 21 | $4.2M | 9.8% | 24 | -3 |
| 3 | Bristol County Savings Bank | 7(a) | 19 | $3.3M | 8.8% | 24 | -5 |
| 4 | Eastern Bank | 7(a) | 19 | $2.5M | 8.8% | 18 | +1 |
| 5 | Citizens Bank, National Association | 7(a) | 17 | $9.3M | 7.9% | 8 | +9 |
| 6 | Bay Colony Development Corporation | 504 | 13 | $16.0M | 6.0% | 14 | -1 |
| 7 | Navigant CU | 7(a) | 13 | $1.8M | 6.0% | 22 | -9 |
| 8 | New England Certified Development Corporation | 504 | 12 | $3.9M | 5.6% | 14 | -2 |
| 9 | Webster Bank National Association | 7(a) | 11 | $4.8M | 5.1% | 19 | -8 |
| 10 | TD Bank, National Association | 7(a) | 8 | $2.5M | 3.7% | 12 | -4 |
| 11 | BankNewport | 7(a) | 7 | $984K | 3.3% | 7 | 0 |
| 12 | South Eastern Economic Development Corporation | 504 | 5 | $6.3M | 2.3% | 3 | +2 |
| 13 | BayFirst National Bank | 7(a) | 3 | $640K | 1.4% | 5 | -2 |
| 14 | Community Investment Corporation | 7(a) | 3 | $520K | 1.4% | 3 | 0 |
| 15 | Santander Bank, National Association | 7(a) | 3 | $346K | 1.4% | 9 | -6 |
| 16 | Live Oak Banking Company | 7(a) | 2 | — | 0.9% | 3 | -1 |
| 17 | Bank of America, National Association | 7(a) | 2 | — | 0.9% | 0 | new |
| 18 | SouthState Bank, National Association | 7(a) | 2 | — | 0.9% | 0 | new |
| 19 | Baycoast Bank | 7(a) | 2 | — | 0.9% | 0 | new |
| 20 | United Midwest Savings Bank National Association | 7(a) | 2 | — | 0.9% | 1 | +1 |
| 21 | Greenwood CU | 7(a) | 2 | — | 0.9% | 12 | -10 |
| 22 | Centreville Bank | 7(a) | 2 | — | 0.9% | 2 | 0 |
| 23 | The Washington Trust Company of Westerly | 7(a) | 2 | — | 0.9% | 2 | 0 |
| 24 | Fall River Five Cents Savings Bank d/b/a BankFive | 7(a) | 2 | — | 0.9% | 2 | 0 |
| 25 | South Shore Bank | 7(a) | 1 | — | 0.5% | 0 | new |
| 26 | Newtek Small Business Finance, Inc. | 7(a) | 1 | — | 0.5% | 9 | -8 |
| 27 | Gulf Coast Bank and Trust Company | 7(a) | 1 | — | 0.5% | 0 | new |
| 28 | Wells Fargo Bank National Association | 7(a) | 1 | — | 0.5% | 2 | -1 |
| 29 | Coastal1 Credit Union | 7(a) | 1 | — | 0.5% | 3 | -2 |
| 30 | Enterprise Bank & Trust | 7(a) | 1 | — | 0.5% | 0 | new |
| 31 | Five Star Bank | 7(a) | 1 | — | 0.5% | 1 | 0 |
| 32 | Celtic Bank Corporation | 7(a) | 1 | — | 0.5% | 3 | -2 |
| 33 | Citizens Bank | 7(a) | 1 | — | 0.5% | 0 | new |
| 34 | Community Investment Corporation | 504 | 1 | — | 0.5% | 0 | new |
| 35 | Mechanics Cooperative Bank | 7(a) | 1 | — | 0.5% | 0 | new |
| 36 | South Eastern Economic Development Corporation | 7(a) | 1 | — | 0.5% | 0 | new |
| 37 | First Merchants Bank | 7(a) | 1 | — | 0.5% | 0 | new |
| 38 | Business Development Company | 7(a) | 1 | — | 0.5% | 0 | new |
| 39 | Dean Co-operative Bank | 7(a) | 1 | — | 0.5% | 0 | new |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2019 | Change |
|---|---|---|---|---|---|---|
| 1 | Providence County | 109 | $37.7M | 50.7% | 140 | -31 |
| 2 | Kent County | 50 | $18.4M | 23.3% | 66 | -16 |
| 3 | Washington County | 23 | $7.2M | 10.7% | 34 | -11 |
| 4 | Newport County | 20 | $12.8M | 9.3% | 27 | -7 |
| 5 | Bristol County | 13 | $7.4M | 6.0% | 17 | -4 |
FY2020 against FY2019
| Rhode Island | FY2020 | FY2019 |
|---|---|---|
| 7(a) approvals | 156 | 222 |
| 7(a) dollars | $46.2M | $68.7M |
| Median 7(a) approval | $139K | $94K |
| 504 approvals | 59 | 62 |
| 504 dollars | $37.3M | $24.5M |
| Jobs supported, as reported | 1,534 | 2,313 |
Questions and answers
Which lenders made the most SBA loans in Rhode Island in FY2020?
Ocean State Business Development Authority (28), Beacon Bank and Trust (21), Bristol County Savings Bank (19), Eastern Bank (19), Citizens Bank, National Association (17). 39 lenders had at least one approval.
How many SBA loans were approved in Rhode Island in FY2020?
215: 156 under 7(a) worth $46.2M and 59 under 504 worth $37.3M.
Which Rhode Island counties had the most SBA approvals in FY2020?
Providence County (109), Kent County (50), Washington County (23), Newport County (20), Bristol County (13).
When does FY2020 start and end?
The federal fiscal year 2020 runs from 1 October 2019 to 30 September 2020.
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