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:
| State Rank | Bank | Headquarters | # Loans | Avg Loan | Avg Int |
|---|---|---|---|---|---|
| 1 | Coastway Community Bank | Warwick, RI | 34 | $100,159 | 6.0% |
| 2 | Bank Rhode Island | Providence, RI | 30 | $79,663 | 7.7% |
| 3 | Independence Bank | East Greenwich, RI | 27 | $101,852 | 7.6% |
| 4 | Navigant CU | Smithfield, RI | 25 | $87,640 | 7.5% |
| 5 | Citizens Bank | Providence, RI | 24 | $192,338 | 6.5% |
| 6 | TD Bank | Wilmington, DE | 15 | $149,833 | 9.9% |
| 7 | BankNewport | Newport, RI | 13 | $89,231 | 6.6% |
| 8 | Webster Bank | Waterbury, CT | 13 | $382,538 | 6.8% |
| 9 | Freedom National Bank | Greenville, RI | 12 | $227,233 | 6.6% |
| 10 | Santander Bank | Wilmington, DE | 11 | $73,400 | 8.9% |
| 11 | Bristol County Savings Bank | Taunton, MA | 10 | $1,176,500 | 5.9% |
| 12 | Newtek Small Business | Lake Success, NY | 8 | $889,500 | 7.7% |
| 13 | First Home Bank | Seminole, FL | 6 | $140,333 | 7.8% |
| 14 | Community Investment Corporation | Hamden, CT | 5 | $130,200 | 8.8% |
| 15 | Greenwood CU | Warwick, RI | 5 | $276,000 | 6.3% |