SBA loans in Rhode Island, FY2024

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 FY2024 (1 October 2023 to 30 September 2024) SBA approved 295 loans in Rhode Island: 252 under 7(a) and 43 under 504, worth $93.9M.

That is up 20% on FY2023, when there were 245 approvals worth $100M.

Rhode Island accounted for 0.4% of the 76,235 approvals nationwide that year. 46 lenders had at least one approval in the state; Beacon Bank and Trust had the most, 31.

295approvalsFY2023: 245

$93.9Mdollars approvedFY2023: $100M

$100Kmedian 7(a) approvalFY2023: $140K

46lenders with an approval

2,188jobs 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 40 lenders with the most approvals to Rhode Island businesses in FY2024, of 46 active.

#	Lender	Program	Approvals	Dollars	Share of state	FY2023	Change
1	Beacon Bank and Trust	7(a)	31	$8.8M	10.5%	22	+9
2	BankNewport	7(a)	31	$2.4M	10.5%	1	+30
3	TD Bank, National Association	7(a)	30	$2.6M	10.2%	42	-12
4	Ocean State Business Development Authority	504	23	$9.8M	7.8%	23	0
5	Webster Bank National Association	7(a)	15	$3.2M	5.1%	13	+2
6	Newtek Bank, National Association	7(a)	12	$6.3M	4.1%	1	+11
7	Eastern Bank	7(a)	12	$3.1M	4.1%	22	-10
8	Readycap Lending, LLC	7(a)	11	$6.3M	3.7%	2	+9
9	Navigant CU	7(a)	11	$3.2M	3.7%	5	+6
10	Bay Colony Development Corporation	504	10	$3.3M	3.4%	6	+4
11	Bristol County Savings Bank	7(a)	10	$1.9M	3.4%	13	-3
12	Santander Bank, National Association	7(a)	10	$542K	3.4%	6	+4
13	Bank of America, National Association	7(a)	9	$2.5M	3.1%	5	+4
14	The Huntington National Bank	7(a)	8	$2.3M	2.7%	10	-2
15	BayFirst National Bank	7(a)	7	$843K	2.4%	8	-1
16	Community Investment Corporation	7(a)	6	$1.2M	2.0%	9	-3
17	New England Certified Development Corporation	504	5	$1.4M	1.7%	11	-6
18	JPMorgan Chase Bank, National Association	7(a)	5	$1.0M	1.7%	2	+3
19	South Eastern Economic Development Corporation	7(a)	5	$590K	1.7%	1	+4
20	Community Investment Corporation	504	4	$1.7M	1.4%	5	-1
21	Shoreham Bank	7(a)	3	$885K	1.0%	0	new
22	Rockland Trust Company	7(a)	3	$598K	1.0%	1	+2
23	Baycoast Bank	7(a)	3	$270K	1.0%	6	-3
24	Northeast Bank	7(a)	3	$159K	1.0%	0	new
25	Live Oak Banking Company	7(a)	2	—	0.7%	4	-2
26	Celtic Bank Corporation	7(a)	2	—	0.7%	0	new
27	Lendistry SBLC, LLC	7(a)	2	—	0.7%	0	new
28	Coastal1 Credit Union	7(a)	2	—	0.7%	0	new
29	Colony Bank	7(a)	2	—	0.7%	0	new
30	U.S. Bank, National Association	7(a)	2	—	0.7%	0	new
31	First Bank of the Lake	7(a)	1	—	0.3%	1	0
32	Byline Bank	7(a)	1	—	0.3%	0	new
33	Everwise Credit Union	7(a)	1	—	0.3%	0	new
34	Bank Five Nine	7(a)	1	—	0.3%	0	new
35	GBC International Bank	7(a)	1	—	0.3%	0	new
36	Fund-Ex Solutions Group, LLC	7(a)	1	—	0.3%	0	new
37	Evolve Bank and Trust	7(a)	1	—	0.3%	0	new
38	IncredibleBank	7(a)	1	—	0.3%	0	new
39	Citizens Bank, National Association	7(a)	1	—	0.3%	6	-5
40	Westerly Community CU	7(a)	1	—	0.3%	0	new

Approvals by county

#	County	Approvals	Dollars	Share of state	FY2023	Change
1	Providence County	165	$47.2M	55.9%	144	+21
2	Kent County	52	$19.7M	17.6%	47	+5
3	Newport County	40	$13.6M	13.6%	22	+18
4	Washington County	28	$12.1M	9.5%	22	+6
5	Bristol County	10	$1.3M	3.4%	10	0

FY2024 against FY2023

Rhode Island	FY2024	FY2023
7(a) approvals	252	199
7(a) dollars	$77.4M	$71.4M
Median 7(a) approval	$100K	$140K
504 approvals	43	46
504 dollars	$16.5M	$28.6M
Jobs supported, as reported	2,188	2,005

Questions and answers

Which lenders made the most SBA loans in Rhode Island in FY2024?

Beacon Bank and Trust (31), BankNewport (31), TD Bank, National Association (30), Ocean State Business Development Authority (23), Webster Bank National Association (15). 46 lenders had at least one approval.

How many SBA loans were approved in Rhode Island in FY2024?

295: 252 under 7(a) worth $77.4M and 43 under 504 worth $16.5M.

Which Rhode Island counties had the most SBA approvals in FY2024?

Providence County (165), Kent County (52), Newport County (40), Washington County (28), Bristol County (10).

When does FY2024 start and end?

The federal fiscal year 2024 runs from 1 October 2023 to 30 September 2024.

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