Last annual update:
Rhode Island-based banks were among the largest lenders to “The Ocean State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a hotel, restaurant, auto repair, medical practice, veterinary or pharmacy, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Rhode Island:
Most active SBA lenders in Rhode Island
| State Rank | Bank | Bank Headquarters | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Navigant CU | Smithfield, RI | 22 | $103,523 | 8.0% |
| 2 | Webster Bank | Waterbury, CT | 18 | $383,378 | 8.0% |
| 3 | Bank Rhode Island | Providence, RI | 17 | $75,141 | 7.6% |
| 4 | HarborOne Bank | Brockton, MA | 16 | $149,238 | 6.4% |
| 5 | Freedom National Bank | Greenville, RI | 16 | $110,425 | 5.8% |
| 6 | Greenwood CU | Warwick, RI | 10 | $249,000 | 6.1% |
| 7 | TD Bank | Wilmington, DE | 10 | $39,880 | 10.3% |
| 8 | Citizens Bank | Providence, RI | 9 | $358,111 | 7.4% |
| 9 | Independence Bank | East Greenwich, RI | 9 | $136,111 | 7.0% |
| 10 | Bristol County Savings Bank | Taunton, MA | 8 | $168,000 | 5.7% |
| 11 | Santander Bank | Wilmington, DE | 8 | $37,438 | 11.0% |
| 12 | Newtek Small Business Finance | Lake Success, NY | 6 | $1,517,167 | 8.2% |
| 13 | Berkshire Bank | Pittsfield, MA | 4 | $1,346,250 | 6.1% |
| 14 | Celtic Bank | Salt Lake City, UT | 4 | $740,875 | 8.1% |
| 15 | BankNewport | Newport, RI | 4 | $156,250 | 7.1% |
| 16 | First Home Bank | Saint Petersburg, FL | 4 | $152,500 | 8.1% |
| 17 | United Midwest Savings Bank | De Graff, OH | 4 | $145,000 | 7.9% |
| 18 | Live Oak | Wilmington, NC | 3 | $848,333 | 7.8% |
Rhode Island PPP lenders (loans <$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | Citizens Bank | 4,021 |
| 2 | Bank of America | 1,466 |
| 3 | BankNewport | 1,411 |
| 4 | The Washington Trust Company of Westerly | 1,326 |
| 5 | Navigant CU | 1,008 |
| 6 | Bank Rhode Island | 997 |
| 7 | Santander Bank | 586 |
| 8 | Webster Bank | 512 |
| 9 | HarborOne Bank | 401 |
| 10 | Centreville Bank | 393 |
Rhode Island PPP lenders (loans >$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | Citizens Bank | 421 |
| 2 | Bank Rhode Island | 406 |
| 3 | The Washington Trust Company of Westerly | 248 |
| 4 | Bank of America | 211 |
| 5 | BankNewport | 170 |
| 6 | Webster Bank | 125 |
| 7 | Navigant CU | 122 |
| 8 | HarborOne Bank | 104 |
| 9 | Bristol County Savings Bank | 81 |
| 10 | Centreville Bank | 67 |
Note: Rhode Island PPP loan activity data from the CARES Act from March – August and does not include Heals/Heroes Act PPP loans.