GoSBA’s Top Rhode Island SBA Lenders in 2024
Introduction to Rhode Island SBA Loans
Rhode Island, the Ocean State, may be small in size, but it has a thriving small business community. With a population of just over 1 million people, Rhode Island is home to a diverse economy driven by industries like tourism, manufacturing, and health services. Small businesses are an essential part of this landscape, providing valuable goods, services, and jobs throughout the state. According to the U.S. Small Business Administration Office of Advocacy, Rhode Island has over 100,000 small businesses, which employ nearly 230,000 people.
For business owners in Rhode Island, securing financing can be crucial for growth and sustainability. One of the best financing options for small businesses is an SBA loan, offering favorable terms that help support small business development. To assist entrepreneurs, GoSBA Loans has compiled a list of the top SBA lenders in Rhode Island for 2024, based on loan volume and the number of loans funded.
Providence: A Great City for Small Businesses
Providence, the capital of Rhode Island, is one of the most vibrant places for small business owners in the state. Known for its rich culture, history, and an active arts scene, Providence provides an excellent setting for small businesses looking to grow. The city has a supportive community, ample resources, and access to financing, making it a perfect location for startups and established companies alike.
Challenges in Securing SBA Loans in Rhode Island
Although Rhode Island is a favorable environment for small businesses, securing affordable financing can still present challenges. In FY 2023, SBA lenders in Rhode Island funded 194 small businesses, contributing a total loan volume of $53.6 million. The top SBA lenders in Rhode Island, such as Bank Rhode Island, First Bank of the Lake, and TD Bank, have collectively helped many businesses secure the funding they need to grow and succeed.
Choosing the right lender is crucial, as different lenders offer different terms, interest rates, and loan structures. GoSBA Loans aims to simplify this process by providing a detailed overview of the best SBA lenders in Rhode Island.
Finding the Best Rhode Island SBA Lenders
At GoSBA Loans, we recognize the importance of finding the best financing for your small business. Whether you are looking for funding to purchase equipment, refinance high-interest loans, acquire commercial property, or expand your operations, we strive to make the SBA lending process easy and accessible. Our mission is to connect small businesses in Rhode Island with the most suitable lenders, ensuring a smooth application process and competitive loan terms.
Overview of Rhode Island SBA Loans in 2024
In 2024, Rhode Island’s SBA loan providers funded 194 businesses, contributing to a total loan volume of $53.6 million. This funding has been instrumental in helping small businesses grow, create jobs, and strengthen Rhode Island’s economy.
Analyzing the Top Rhode Island SBA Lenders by Loan Volume and Loan Units Funded
Bank Rhode Island emerged as the top SBA lender in Rhode Island by loan volume, funding $7.4 million across 22 loans. First Bank of the Lake followed closely, funding $5.0 million through a single loan. TD Bank, National Association, was another significant contributor, funding $2.3 million across 26 loans.
HarborOne Bank also made an impact, funding $3.1 million across 11 loans, while Webster Bank funded $2.9 million across 14 loans. The diversity of lenders—ranging from local banks to larger national institutions—provides small businesses in Rhode Island with a range of options to meet their financing needs. Each lender offers unique benefits, such as competitive interest rates or loan structures tailored to specific industries.
GoSBA’s Official Ranking: Best Rhode Island SBA Lenders in 2024
Below, we present GoSBA’s official ranking of the best Rhode Island SBA lenders in 2024:
| Bank Name | Amount Funded | Loans Funded | Average Interest Rate |
| Bank Rhode Island | $7,383,000 | 22 | 9.69% |
| First Bank of the Lake | $5,000,000 | 1 | 9.75% |
| Newtek Bank, National Association | $4,185,000 | 7 | 11.79% |
| Bank Five Nine | $3,673,000 | 1 | 10.00% |
| HarborOne Bank | $3,055,000 | 11 | 10.09% |
| Webster Bank National Association | $2,929,400 | 14 | 9.44% |
| Bank of America, National Association | $2,463,000 | 9 | 8.75% |
| TD Bank, National Association | $2,322,000 | 26 | 12.61% |
| Live Oak Banking Company | $2,129,000 | 1 | 10.25% |
| BankNewport | $2,023,900 | 22 | 12.53% |
| Celtic Bank Corporation | $1,950,000 | 2 | 11.25% |
| Navigant CU | $1,763,000 | 8 | 10.00% |
| Bristol County Savings Bank | $1,650,000 | 8 | 9.31% |
| Cadence Bank | $1,640,000 | 4 | 11.25% |
| Community Investment Corporation | $1,205,000 | 6 | 12.25% |
| GBC International Bank | $1,000,000 | 1 | 11.00% |
| Readycap Lending, LLC | $988,500 | 5 | 13.50% |
| Fund-Ex Solutions Group, LLC | $950,000 | 1 | 11.50% |
| Evolve Bank and Trust | $948,000 | 1 | 11.25% |
| IncredibleBank | $938,000 | 1 | 10.25% |
| BayFirst National Bank | $903,000 | 7 | 13.25% |
| The Huntington National Bank | $681,000 | 4 | 11.00% |
| Rockland Trust Company | $598,000 | 3 | 7.49% |
| South Eastern Economic Development Corporation | $590,000 | 5 | 7.00% |
| JPMorgan Chase Bank, National Association | $410,000 | 4 | 14.53% |
| Santander Bank, National Association | $322,100 | 8 | 12.98% |
| Berkshire Bank | $300,000 | 1 | 11.00% |
| Coastal1 Credit Union | $300,000 | 1 | 9.00% |
| BayCoast Bank | $270,000 | 3 | 8.92% |
| Westerly Community CU | $250,000 | 1 | 11.00% |
| Colony Bank | $250,000 | 2 | 13.00% |
| City National Bank of Florida | $240,000 | 1 | 11.25% |
| Heritage Bank, Inc. | $150,000 | 1 | 12.25% |
| Manufacturers and Traders Trust Company | $80,000 | 1 | 13.00% |
| Eastern Bank | $40,000 | 1 | 10.50% |
Find the Right SBA Lender in Rhode Island for Your Business
Whether you are a startup or an established business, securing the right financing is essential for your success. The lenders listed above provide a variety of SBA loan options that are tailored to meet the diverse needs of Rhode Island’s business community. By partnering with GoSBA Loans, you can ensure that your application reaches the lenders most likely to approve your funding, helping you get the financial support you need.
Apply for an SBA Loan Today
Apply today to connect with the best SBA lenders in Rhode Island and secure the funding your business needs to grow. The process is simple, and GoSBA Loans will help match you with the right lender based on your specific business requirements.
Why Choose GoSBA Loans?
GoSBA Loans is dedicated to making the SBA loan application process straightforward for businesses in Rhode Island. By partnering with us, you gain access to a network of top lenders who are committed to supporting small businesses. Whether you need competitive interest rates, flexible loan terms, or a streamlined approval process, GoSBA Loans can help you find the best SBA lender in Rhode Island.
Conclusion
Securing an SBA loan can unlock immense growth opportunities for your business. The Rhode Island SBA lenders listed above have a proven history of supporting the small business community, making them the best options for entrepreneurs in the state. Let GoSBA Loans assist you in finding the ideal SBA lender in Rhode Island for your business today.
