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 10 SBA Lenders in Rhode Island:
| State Rank | Bank | Headquarters | # Loans | Avg Loan | Avg Int |
|---|---|---|---|---|---|
| 1 | Citizens Bank | Providence, RI | 59 | $108,929 | 6.0% |
| 2 | Coastway Community Bank | Warwick, RI | 52 | $123,481 | 5.5% |
| 3 | Bank Rhode Island | Providence, RI | 51 | $60,722 | 7.1% |
| 4 | Independence Bank | East Greenwich, RI | 46 | $88,370 | 7.7% |
| 5 | Navigant CU | Smithfield, RI | 23 | $105,548 | 6.3% |
| 6 | TD Bank | Wilmington, DE | 17 | $42,724 | 8.9% |
| 7 | Webster Bank | Waterbury, CT | 13 | $280,662 | 6.2% |
| 8 | BankNewport | Newport, RI | 11 | $68,000 | 6.4% |
| 9 | Freedom National Bank | Greenville, RI | 11 | $243,955 | 6.0% |
| 10 | Greenwood CU | Warwick, RI | 11 | $90,227 | 6.1% |