States › Rhode Island › FY2021
FY20211 Oct 2020 – 30 Sep 2021
SBA loans in Rhode Island, FY2021
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 FY2021 (1 October 2020 to 30 September 2021) SBA approved 250 loans in Rhode Island: 181 under 7(a) and 69 under 504, worth $135M.
That is up 16% on FY2020, when there were 215 approvals worth $83.5M.
Rhode Island accounted for 0.4% of the 61,532 approvals nationwide that year. 43 lenders had at least one approval in the state; Eastern Bank had the most, 35.
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 FY2021, of 43 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2020 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Eastern Bank | 7(a) | 35 | $15.0M | 14.0% | 19 | +16 |
| 2 | Webster Bank National Association | 7(a) | 27 | $15.2M | 10.8% | 11 | +16 |
| 3 | Ocean State Business Development Authority | 504 | 27 | $11.6M | 10.8% | 28 | -1 |
| 4 | Bay Colony Development Corporation | 504 | 18 | $6.7M | 7.2% | 13 | +5 |
| 5 | Beacon Bank and Trust | 7(a) | 16 | $5.1M | 6.4% | 21 | -5 |
| 6 | Newtek Small Business Finance, Inc. | 7(a) | 14 | $16.2M | 5.6% | 1 | +13 |
| 7 | New England Certified Development Corporation | 504 | 14 | $4.7M | 5.6% | 12 | +2 |
| 8 | Bristol County Savings Bank | 7(a) | 9 | $6.0M | 3.6% | 19 | -10 |
| 9 | South Eastern Economic Development Corporation | 504 | 9 | $5.7M | 3.6% | 5 | +4 |
| 10 | Navigant CU | 7(a) | 9 | $2.1M | 3.6% | 13 | -4 |
| 11 | TD Bank, National Association | 7(a) | 7 | $6.4M | 2.8% | 8 | -1 |
| 12 | Community Investment Corporation | 7(a) | 7 | $1.0M | 2.8% | 3 | +4 |
| 13 | Citizens Bank, National Association | 7(a) | 6 | $3.3M | 2.4% | 17 | -11 |
| 14 | Jewett City Savings Bank | 7(a) | 6 | $3.1M | 2.4% | 0 | new |
| 15 | Baycoast Bank | 7(a) | 4 | $850K | 1.6% | 2 | +2 |
| 16 | Greenwood CU | 7(a) | 4 | $700K | 1.6% | 2 | +2 |
| 17 | Coastal1 Credit Union | 7(a) | 3 | $3.7M | 1.2% | 1 | +2 |
| 18 | United Midwest Savings Bank National Association | 7(a) | 3 | $1.6M | 1.2% | 2 | +1 |
| 19 | Bank of America, National Association | 7(a) | 3 | $864K | 1.2% | 2 | +1 |
| 20 | Celtic Bank Corporation | 7(a) | 2 | — | 0.8% | 1 | +1 |
| 21 | Columbia Bank | 7(a) | 2 | — | 0.8% | 0 | new |
| 22 | The Washington Trust Company of Westerly | 7(a) | 2 | — | 0.8% | 2 | 0 |
| 23 | Westerly Community CU | 7(a) | 2 | — | 0.8% | 0 | new |
| 24 | Triangle CU | 7(a) | 2 | — | 0.8% | 0 | new |
| 25 | Shoreham Bank | 7(a) | 1 | — | 0.4% | 0 | new |
| 26 | Live Oak Banking Company | 7(a) | 1 | — | 0.4% | 2 | -1 |
| 27 | SouthState Bank, National Association | 7(a) | 1 | — | 0.4% | 2 | -1 |
| 28 | Fountainhead SBF LLC | 7(a) | 1 | — | 0.4% | 0 | new |
| 29 | First National Bank of Pennsylvania | 7(a) | 1 | — | 0.4% | 0 | new |
| 30 | The Cape Cod Five Cents Savings Bank | 7(a) | 1 | — | 0.4% | 0 | new |
| 31 | Mechanics Cooperative Bank | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 32 | TowneBank | 7(a) | 1 | — | 0.4% | 0 | new |
| 33 | Wells Fargo Bank National Association | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 34 | Granite State Economic Development Corporation | 504 | 1 | — | 0.4% | 0 | new |
| 35 | Meridian Bank | 7(a) | 1 | — | 0.4% | 0 | new |
| 36 | Dean Co-operative Bank | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 37 | Business Development Company | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 38 | UniBank for Savings | 7(a) | 1 | — | 0.4% | 0 | new |
| 39 | First Bank | 7(a) | 1 | — | 0.4% | 0 | new |
| 40 | Manufacturers and Traders Trust Company | 7(a) | 1 | — | 0.4% | 0 | new |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2020 | Change |
|---|---|---|---|---|---|---|
| 1 | Providence County | 126 | $58.5M | 50.4% | 109 | +17 |
| 2 | Kent County | 51 | $34.0M | 20.4% | 50 | +1 |
| 3 | Washington County | 32 | $17.1M | 12.8% | 23 | +9 |
| 4 | Newport County | 26 | $12.8M | 10.4% | 20 | +6 |
| 5 | Bristol County | 15 | $12.1M | 6.0% | 13 | +2 |
FY2021 against FY2020
| Rhode Island | FY2021 | FY2020 |
|---|---|---|
| 7(a) approvals | 181 | 156 |
| 7(a) dollars | $105M | $46.2M |
| Median 7(a) approval | $250K | $139K |
| 504 approvals | 69 | 59 |
| 504 dollars | $29.2M | $37.3M |
| Jobs supported, as reported | 2,558 | 1,534 |
Questions and answers
Which lenders made the most SBA loans in Rhode Island in FY2021?
Eastern Bank (35), Webster Bank National Association (27), Ocean State Business Development Authority (27), Bay Colony Development Corporation (18), Beacon Bank and Trust (16). 43 lenders had at least one approval.
How many SBA loans were approved in Rhode Island in FY2021?
250: 181 under 7(a) worth $105M and 69 under 504 worth $29.2M.
Which Rhode Island counties had the most SBA approvals in FY2021?
Providence County (126), Kent County (51), Washington County (32), Newport County (26), Bristol County (15).
When does FY2021 start and end?
The federal fiscal year 2021 runs from 1 October 2020 to 30 September 2021.
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