SBA loans play a crucial role in providing financial assistance to entrepreneurs and small business owners. For those in Rhode Island seeking SBA loans, understanding the key players in the lending landscape is essential. Here’s a breakdown of the top SBA lenders in Rhode Island based on the number of loans, average loan amount, and average interest rates.
Rhode Island Preferred SBA Lenders
| Rank | Bank | Bank HQ | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | TD Bank | Wilmington, DE | 21 | $38,286 | 10.6% |
| 2 | Webster Bank | Waterbury, CT | 17 | $457,088 | 6.3% |
| 3 | HarborOne Bank | Brockton, MA | 13 | $358,077 | 6.0% |
| 4 | Navigant CU | Smithfield, RI | 11 | $167,145 | 6.9% |
| 5 | Bank Rhode Island | Providence, RI | 9 | $410,000 | 6.5% |
| 6 | BayFirst National Bank | Saint Petersburg, FL | 7 | $192,286 | 8.7% |
| 7 | Bristol County Savings Bank | Taunton, MA | 7 | $104,714 | 8.2% |
| 8 | Santander Bank | Wilmington, DE | 7 | $63,000 | 9.5% |
| 9 | Citizens Bank | Providence, RI | 6 | $1,009,367 | 7.3% |
| 10 | Bank of America | Charlotte, NC | 4 | $412,350 | 4.9% |
| 11 | Community Investment Corporation | Hamden, CT | 4 | $159,375 | 7.9% |
| 12 | BayCoast Bank | Swansea, MA | 3 | $347,667 | 5.8% |
| 13 | Metro City Bank | Doraville, GA | 3 | $646,667 | 7.4% |
Top Industries for SBA loans in Rhode Island
| Rank | Industry | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Full-Service Restaurants | 11 | $332,091 | 7.8% |
| 2 | Limited-Service Restaurants | 6 | $133,083 | 6.6% |
| 3 | Child Day Care Services | 5 | $339,000 | 6.7% |
| 4 | Boat Dealers | 3 | $835,667 | 7.9% |
| 5 | Meat and Meat Product Merchant Wholesalers | 3 | $1,683,333 | 6.9% |
| 6 | Offices of Physicians, Mental Health Specialists | 3 | $100,000 | 6.7% |
| 7 | Plumbing, Heating, and Air-Conditioning Contractors | 3 | $64,667 | 8.8% |
| 8 | Supermarkets and Other Grocery (except Convenience) Stores | 3 | $646,667 | 7.4% |
Top SBA Loan Franchises in Rhode Island
| Rank | FranchiseName | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Island Fin Poke | 2 | $22,500 | 6.7% |
Top Rhode Island SBA Loan Borrowers by Jobs Supported
| Rank | Business | Location | Industry | Loan Size | Interest Rate | Jobs |
|---|---|---|---|---|---|---|
| 1 | BAYSIDE FOODS INC. | Providence, RI | Meat and Meat Product Merchant Wholesalers | $1M – $2.5M | 6.5% | 126 |
| 2 | PB & K LLC | East Greenwich, RI | Baked Goods Stores | $500K – $1M | 6.3% | 50 |
| 3 | 900 VICTORY HIGHWAY LLC | North Smithfield, RI | Supermarkets and Other Grocery (except Convenience) Stores | $500K – $1M | 7.5% | 50 |
| 4 | SOUTH COUNTY PSYCHIATRY LLC DB | North Kingstown, RI | Offices of Physicians, Mental Health Specialists | $250K or less | 6.7% | 46 |
| 5 | STRIDES BEHAVIORAL SERVICES L | Warwick, RI | Child Day Care Services | $250K or less | 9.5% | 43 |
| 6 | HEALTHY ADVENTURES LLC | Cranston, RI | Full-Service Restaurants | $250K or less | 4.3% | 40 |
| 7 | 25 VILLAGE PLAZA WAY LLC | North Scituate, RI | Supermarkets and Other Grocery (except Convenience) Stores | $500K – $1M | 7.5% | 40 |
| 8 | BLACK & YELLOW LLC | Cranston, RI | Beauty Salons | $500K – $1M | 6.3% | 37 |
| 9 | ANDRONE LLC | Providence, RI | Full-Service Restaurants | $1M – $2.5M | 6.3% | 36 |
| 10 | 54 SAYLES AVENUE LLC | Pascoag, RI | Supermarkets and Other Grocery (except Convenience) Stores | $500K – $1M | 7.3% | 35 |
| 11 | THE HENNESSY GROUP LLC | East Greenwich, RI | Residential Property Managers | $1M – $2.5M | 6.5% | 30 |
| 12 | QUITO’S SHELLFISH AND RESTAURA | Bristol, RI | Full-Service Restaurants | $250K or less | 12.3% | 28 |
| 13 | BAY STATE BOOK COMPANY OR NOMI | North Smithfield, RI | Book Stores | $1M – $2.5M | 3.9% | 26 |
| 14 | WAKEFIELD TAVERN LLC | Wakefield, RI | Full-Service Restaurants | $250K or less | 10.0% | 25 |
| 15 | WESTERLY OIL & VINEGAR LLC | Westerly, RI | Limited-Service Restaurants | $250K – $500K | 6.8% | 25 |
| 16 | PRESTIGE SPEECH LLC DBA PREST | Barrington, RI | Offices of Physical, Occupational and Speech Therapists, and Audiologi | $250K or less | 8.5% | 24 |
| 17 | JWM LLC | Charlestown, RI | All Other Traveler Accommodation | $250K or less | 2.5% | 22 |
| 18 | LV REALTY GROUP LLC | Oakland, RI | Lessors of Nonresidential Buildings (except Miniwarehouses) | $250K – $500K | 4.3% | 22 |
| 19 | J&M WAY ENTERPRISES INC. | Greenville, RI | Limited-Service Restaurants | $250K or less | 6.7% | 20 |
| 20 | AUDINO INC | New Shoreham, RI | Full-Service Restaurants | $250K or less | 6.5% | 20 |
| 21 | BOREALIS COFFEE COMPANY LLC | Bristol, RI | Limited-Service Restaurants | $250K or less | 7.0% | 20 |
| 22 | OFF ONE BREWING COMPANY LLC | Wakefield, RI | Breweries | $500K – $1M | 7.8% | 20 |
| 23 | RHODE ISLAND HEALTH GROUP MSO | North Smithfield, RI | Freestanding Ambulatory Surgical and Emergency Centers | $1M – $2.5M | 5.0% | 20 |
| 24 | 156 SHAW AVE LLC | Providence, RI | Child Day Care Services | $500K – $1M | 6.0% | 19 |
| 25 | MDD HOLDINGS LLC | Warwick, RI | $500K – $1M | 5.8% | 18 | |
| 26 | MILL CITY CONSTRUCTION INC. | Lincoln, RI | Industrial Building Construction | $2.5M – $5M | 9.0% | 17 |
| 27 | PEHARVEY LLC | East Providence, RI | Drinking Places (Alcoholic Beverages) | $250K or less | 7.0% | 15 |
| 28 | NORTH KINGSTOWN WINE & SPIRITS | North Kingstown, RI | $500K – $1M | 4.8% | 15 | |
| 29 | WARM WINDS LTD. | Narragansett, RI | $500K – $1M | 4.3% | 15 | |
| 30 | ELITE MEDICAL CENTER LLC | North Providence, RI | Offices of Physicians (except Mental Health Specialists) | $250K or less | 4.3% | 14 |
| 31 | WICKED SMART LLC | Middletown, RI | Other Activities Related to Real Estate | $250K or less | 8.3% | 14 |
| 32 | DONNELLY’S INC. OF RI | Cranston, RI | $250K – $500K | 3.0% | 14 | |
| 33 | MTR MACHINING INC | North Smithfield, RI | Small Arms Manufacturing | $1M – $2.5M | 8.8% | 14 |
| 34 | PENTA LLC | Warwick, RI | Full-Service Restaurants | $250K – $500K | 5.0% | 13 |
| 35 | CHARMING NAIL INC | Cranston, RI | Nail Salons | $250K – $500K | 7.0% | 13 |
| 36 | ENCON L.L.C. | Cranston, RI | Exterminating and Pest Control Services | $500K – $1M | 3.2% | 13 |
| 37 | LITTLE VILLAGE SCHOOLHOUSE LL | Cranston, RI | Child Day Care Services | $250K or less | 6.8% | 12 |
| 38 | TRI TOWN LIQUORS INC. | Johnston, RI | Beer, Wine, and Liquor Stores | $1M – $2.5M | 5.5% | 12 |
| 39 | NEAL’S NOOK LLC | West Greenwich, RI | Hotels (except Casino Hotels) and Motels | $2.5M – $5M | 8.0% | 12 |
| 40 | NEW ERA ENRICHMENT ACADEMY | Johnston, RI | Child Day Care Services | $250K – $500K | 4.8% | 11 |
| 41 | NICOLE R GRAY & ASSOCIATES INC | Middletown, RI | Offices of Certified Public Accountants | $250K – $500K | 7.0% | 11 |
| 42 | MJB INSURANCE SERVICES INC. | Providence, RI | Insurance Agencies and Brokerages | $2.5M – $5M | 8.3% | 11 |
Note about SBA lenders near me in Rhode Island
When it comes to top Rhode Island SBA lenders, it’s a common inquiry whether any of the listed banks are 1) included in the Rhode Island preferred lender list, 2) approved lenders in Rhode Island, or 3) active participants in the Rhode Island SBA Express lending program. These queries center around the ability of a given SBA bank to facilitate small business SBA loans in Rhode Island swiftly. The answer is an unequivocal yes. These aren’t your run-of-the-mill banks making only a handful of SBA loans annually; these are institutions well-versed in the intricacies of the SBA 7(a) loan program. They stand out as the top performers in Rhode Island, as evidenced by our thorough analysis of thousands of SBA loans each year, leading us to rank lenders based on recent activity.
It’s crucial to note that while some banks may limit their lending to specific regions, there exist a select few highly assertive nationwide SBA lenders that operate nationally. These lenders possess a profound understanding of the SBA program and execute transactions with remarkable speed. Therefore, we advise against restricting your search solely to your home state. Our lender match tool proves invaluable in this regard. By utilizing it, we can identify suitable SBA banks tailored to your specific needs, be it geography, industry, company size, all at no cost or obligation to you. This service aims to save you valuable time and ensure a seamless SBA loan process.