States › Rhode Island › FY2022
FY20221 Oct 2021 – 30 Sep 2022
SBA loans in Rhode Island, FY2022
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 FY2022 (1 October 2021 to 30 September 2022) SBA approved 236 loans in Rhode Island: 158 under 7(a) and 78 under 504, worth $102M.
That is about level with FY2021, when there were 250 approvals worth $135M.
Rhode Island accounted for 0.4% of the 56,932 approvals nationwide that year. 44 lenders had at least one approval in the state; Ocean State Business Development Authority had the most, 31.
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 FY2022, of 44 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2021 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Ocean State Business Development Authority | 504 | 31 | $15.5M | 13.1% | 27 | +4 |
| 2 | Webster Bank National Association | 7(a) | 25 | $11.7M | 10.6% | 27 | -2 |
| 3 | TD Bank, National Association | 7(a) | 22 | $880K | 9.3% | 7 | +15 |
| 4 | New England Certified Development Corporation | 504 | 19 | $9.6M | 8.1% | 14 | +5 |
| 5 | Bay Colony Development Corporation | 504 | 17 | $13.5M | 7.2% | 18 | -1 |
| 6 | Eastern Bank | 7(a) | 16 | $6.6M | 6.8% | 35 | -19 |
| 7 | Navigant CU | 7(a) | 11 | $3.3M | 4.7% | 9 | +2 |
| 8 | Beacon Bank and Trust | 7(a) | 10 | $3.0M | 4.2% | 16 | -6 |
| 9 | Citizens Bank, National Association | 7(a) | 8 | $6.2M | 3.4% | 6 | +2 |
| 10 | Community Investment Corporation | 504 | 7 | $1.5M | 3.0% | 0 | new |
| 11 | Santander Bank, National Association | 7(a) | 7 | $360K | 3.0% | 0 | new |
| 12 | Bristol County Savings Bank | 7(a) | 6 | $783K | 2.5% | 9 | -3 |
| 13 | BayFirst National Bank | 7(a) | 5 | $1.0M | 2.1% | 0 | new |
| 14 | Newtek Small Business Finance, Inc. | 7(a) | 4 | $4.7M | 1.7% | 14 | -10 |
| 15 | South Eastern Economic Development Corporation | 504 | 4 | $2.0M | 1.7% | 9 | -5 |
| 16 | Bank of America, National Association | 7(a) | 4 | $1.8M | 1.7% | 3 | +1 |
| 17 | Baycoast Bank | 7(a) | 4 | $1.2M | 1.7% | 4 | 0 |
| 18 | Metro City Bank | 7(a) | 3 | $1.9M | 1.3% | 0 | new |
| 19 | Community Investment Corporation | 7(a) | 3 | $565K | 1.3% | 7 | -4 |
| 20 | Needham Bank | 7(a) | 2 | — | 0.8% | 0 | new |
| 21 | Stearns Bank National Association | 7(a) | 2 | — | 0.8% | 1 | +1 |
| 22 | The Huntington National Bank | 7(a) | 2 | — | 0.8% | 0 | new |
| 23 | Greenwood CU | 7(a) | 2 | — | 0.8% | 4 | -2 |
| 24 | UniBank for Savings | 7(a) | 2 | — | 0.8% | 1 | +1 |
| 25 | FDIC - Community Bank & Trust-West Georgia | 7(a) | 1 | — | 0.4% | 0 | new |
| 26 | Readycap Lending, LLC | 7(a) | 1 | — | 0.4% | 0 | new |
| 27 | IncredibleBank | 7(a) | 1 | — | 0.4% | 0 | new |
| 28 | Primary Bank | 7(a) | 1 | — | 0.4% | 0 | new |
| 29 | Ameris Bank | 7(a) | 1 | — | 0.4% | 0 | new |
| 30 | The Fidelity Bank | 7(a) | 1 | — | 0.4% | 0 | new |
| 31 | Meridian Bank | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 32 | MVB Bank, Inc. | 7(a) | 1 | — | 0.4% | 0 | new |
| 33 | Wells Fargo Bank National Association | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 34 | Hanmi Bank | 7(a) | 1 | — | 0.4% | 0 | new |
| 35 | The Washington Trust Company of Westerly | 7(a) | 1 | — | 0.4% | 2 | -1 |
| 36 | The Freedom Bank of Virginia | 7(a) | 1 | — | 0.4% | 0 | new |
| 37 | Dean Co-operative Bank | 7(a) | 1 | — | 0.4% | 1 | 0 |
| 38 | Jewett City Savings Bank | 7(a) | 1 | — | 0.4% | 6 | -5 |
| 39 | People's Credit Union | 7(a) | 1 | — | 0.4% | 0 | new |
| 40 | Mechanics Cooperative Bank | 7(a) | 1 | — | 0.4% | 1 | 0 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2021 | Change |
|---|---|---|---|---|---|---|
| 1 | Providence County | 129 | $58.0M | 54.7% | 126 | +3 |
| 2 | Washington County | 37 | $19.0M | 15.7% | 32 | +5 |
| 3 | Kent County | 33 | $14.5M | 14.0% | 51 | -18 |
| 4 | Newport County | 26 | $8.5M | 11.0% | 26 | 0 |
| 5 | Bristol County | 11 | $2.1M | 4.7% | 15 | -4 |
FY2022 against FY2021
| Rhode Island | FY2022 | FY2021 |
|---|---|---|
| 7(a) approvals | 158 | 181 |
| 7(a) dollars | $60.0M | $105M |
| Median 7(a) approval | $150K | $250K |
| 504 approvals | 78 | 69 |
| 504 dollars | $42.1M | $29.2M |
| Jobs supported, as reported | 1,939 | 2,558 |
Questions and answers
Which lenders made the most SBA loans in Rhode Island in FY2022?
Ocean State Business Development Authority (31), Webster Bank National Association (25), TD Bank, National Association (22), New England Certified Development Corporation (19), Bay Colony Development Corporation (17). 44 lenders had at least one approval.
How many SBA loans were approved in Rhode Island in FY2022?
236: 158 under 7(a) worth $60.0M and 78 under 504 worth $42.1M.
Which Rhode Island counties had the most SBA approvals in FY2022?
Providence County (129), Washington County (37), Kent County (33), Newport County (26), Bristol County (11).
When does FY2022 start and end?
The federal fiscal year 2022 runs from 1 October 2021 to 30 September 2022.
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