SBA Ledger

States › Rhode Island › FY2023

FY20231 Oct 2022 – 30 Sep 2023

SBA loans in Rhode Island, FY2023

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 FY2023 (1 October 2022 to 30 September 2023) SBA approved 245 loans in Rhode Island: 199 under 7(a) and 46 under 504, worth $100M.

That is about level with FY2022, when there were 236 approvals worth $102M.

Rhode Island accounted for 0.4% of the 63,286 approvals nationwide that year. 39 lenders had at least one approval in the state; TD Bank, National Association had the most, 42.

245approvalsFY2022: 236
$100Mdollars approvedFY2022: $102M
$140Kmedian 7(a) approvalFY2022: $150K
39lenders with an approval
2,005jobs supported, as reported

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 FY2023, of 39 active.

#LenderProgramApprovalsDollarsShare of stateFY2022Change
1TD Bank, National Association7(a)42$4.0M17.1%22+20
2Ocean State Business Development Authority50423$19.2M9.4%31-8
3Beacon Bank and Trust7(a)22$9.6M9.0%10+12
4Eastern Bank7(a)22$6.2M9.0%16+6
5Bristol County Savings Bank7(a)13$6.6M5.3%6+7
6Webster Bank National Association7(a)13$4.2M5.3%25-12
7New England Certified Development Corporation50411$5.6M4.5%19-8
8The Huntington National Bank7(a)10$1.8M4.1%2+8
9Community Investment Corporation7(a)9$1.4M3.7%3+6
10BayFirst National Bank7(a)8$977K3.3%5+3
11Citizens Bank, National Association7(a)6$6.1M2.4%8-2
12Bay Colony Development Corporation5046$2.1M2.4%17-11
13Baycoast Bank7(a)6$838K2.4%4+2
14Santander Bank, National Association7(a)6$409K2.4%7-1
15Bank of America, National Association7(a)5$3.2M2.0%4+1
16Community Investment Corporation5045$1.3M2.0%7-2
17Navigant CU7(a)5$699K2.0%11-6
18Live Oak Banking Company7(a)4$4.7M1.6%0new
19Metro City Bank7(a)3$1.9M1.2%30
20Newtek Small Business Finance, Inc.7(a)2—0.8%4-2
21TowneBank7(a)2—0.8%1+1
22Customers Bank7(a)2—0.8%0new
23Readycap Lending, LLC7(a)2—0.8%1+1
24JPMorgan Chase Bank, National Association7(a)2—0.8%0new
25The Washington Trust Company of Westerly7(a)2—0.8%1+1
26Bankwell Bank7(a)1—0.4%0new
27Grasshopper Bank National Association7(a)1—0.4%0new
28Rockland Trust Company7(a)1—0.4%0new
29First Bank of the Lake7(a)1—0.4%0new
30Avidia Bank7(a)1—0.4%0new
31HomeTrust Bank7(a)1—0.4%0new
32Citizens Bank7(a)1—0.4%0new
33South Eastern Economic Development Corporation5041—0.4%4-3
34Primary Bank7(a)1—0.4%10
35South Eastern Economic Development Corporation7(a)1—0.4%0new
36Connecticut Community Bank, National Association7(a)1—0.4%0new
37BankNewport7(a)1—0.4%0new
38Newtek Bank, National Association7(a)1—0.4%0new
39Dean Co-operative Bank7(a)1—0.4%10

Approvals by county

#CountyApprovalsDollarsShare of stateFY2022Change
1Providence County144$54.1M58.8%129+15
2Kent County47$17.8M19.2%33+14
3Washington County22$14.6M9.0%37-15
4Newport County22$10.6M9.0%26-4
5Bristol County10$3.0M4.1%11-1

FY2023 against FY2022

Rhode IslandFY2023FY2022
7(a) approvals199158
7(a) dollars$71.4M$60.0M
Median 7(a) approval$140K$150K
504 approvals4678
504 dollars$28.6M$42.1M
Jobs supported, as reported2,0051,939

Questions and answers

Which lenders made the most SBA loans in Rhode Island in FY2023?

TD Bank, National Association (42), Ocean State Business Development Authority (23), Beacon Bank and Trust (22), Eastern Bank (22), Bristol County Savings Bank (13). 39 lenders had at least one approval.

How many SBA loans were approved in Rhode Island in FY2023?

245: 199 under 7(a) worth $71.4M and 46 under 504 worth $28.6M.

Which Rhode Island counties had the most SBA approvals in FY2023?

Providence County (144), Kent County (47), Washington County (22), Newport County (22), Bristol County (10).

When does FY2023 start and end?

The federal fiscal year 2023 runs from 1 October 2022 to 30 September 2023.

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