Best Rhode Island SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in Rhode Island
SBA Loans in Rhode Island
Rhode Island businesses received $105.0M in SBA 7(a) loan approvals across 331 businesses in 2025, supporting 2,476 jobs. With 48 active SBA lenders competing for business in Rhode Island, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in Rhode Island is $317K at 10.31%, which is 0.01% below the national average of 10.32%. The top lender in Rhode Island is Live Oak Banking Company, with the most-funded industry being Full-Service Restaurants.
SBA Loans in Rhode Island by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in Rhode Island, here’s how SBA lending breaks down:
Startups represent 14% of Rhode Island SBA loans (31 loans totaling $15.1M). Business acquisitions (change of ownership) account for 25% (29 loans, $25.7M). Existing businesses make up the largest share at 46% (227 loans). If you’re buying a business in Rhode Island, acquisitions are a well-established use case for SBA 7(a) loans.
Rhode Island vs. National Average
How does Rhode Island’s SBA lending market compare to the national average in 2025?
Rhode Island10.31%
National Avg10.32%
✅ Rhode Island’s avg rate is 0.01% lower than the national average
Rhode Island$317K
National Avg$478K
Rhode Island’s avg loan is 0.7x the national average
A rate lower than the national average of 10.32% is significant context for Rhode Island borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in Rhode Island (2025 Data)
The table below ranks every SBA 7(a) lender active in Rhode Island in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Live Oak Banking Company | $11.2M | 9 | 9.49% |
| 2 | Citizens Bank, National Association | $10.5M | 12 | 10.25% |
| 3 | Brookline Bank, a Division of Beacon Bank and Trust | $7.0M | 25 | 9.19% |
| 4 | The Huntington National Bank | $6.5M | 12 | 9.65% |
| 5 | Eastern Bank | $5.3M | 25 | 8.82% |
| 6 | Bristol County Savings Bank | $5.1M | 15 | 8.73% |
| 7 | Bank Five Nine | $4.5M | 1 | 9.25% |
| 8 | BankNewport | $4.5M | 72 | 11.73% |
| 9 | Northeast Bank | $4.5M | 27 | 10.89% |
| 10 | Meridian Bank | $4.5M | 1 | 9% |
| 11 | First Internet Bank of Indiana | $4.2M | 4 | 9.88% |
| 12 | Newtek Bank, National Association | $4.0M | 6 | 11.17% |
| 13 | Readycap Lending, LLC | $3.1M | 8 | 12.62% |
| 14 | Shoreham Bank | $3.1M | 7 | 9.86% |
| 15 | Rockland Trust Company | $2.8M | 7 | 7.61% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in Rhode Island have funded the most deals locally, meaning their loan officers understand Rhode Island’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both Rhode Island-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in Rhode Island
One 5-minute application. 48 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Rhode Island
SBA lending in Rhode Island reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in Rhode Island in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| Full-Service Restaurants | 27 | $9.6M |
| Homes for the Elderly | 3 | $9.5M |
| All Other Specialty Trade Contractors | 13 | $4.5M |
| Hotels (except Casino Hotels) and Motels | 1 | $4.5M |
| Plumbing, Heating, and Air-Conditioning Contractors | 7 | $3.4M |
| Limited-Service Restaurants | 15 | $3.4M |
| Landscaping Services | 15 | $3.3M |
| Home Health Care Services | 3 | $3.3M |
| Other Miscellaneous Durable Goods Merchant Wholesalers | 2 | $3.1M |
| Offices of Physicians (except Mental Health Specialists) | 4 | $3.0M |
| Advertising Agencies | 2 | $2.9M |
| Other Miscellaneous Nondurable Goods Merchant Wholesalers | 1 | $2.8M |
| General Automotive Repair | 8 | $2.2M |
| Child Day Care Services | 8 | $2.1M |
| Commercial Gravure Printing | 3 | $2.1M |
If your business operates in one of Rhode Island’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in Rhode Island
SBA lending activity within Rhode Island is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in Rhode Island the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Warwick | 31 | $15.5M |
| Providence | 51 | $11.9M |
| Cranston | 24 | $6.9M |
| North Kingstown | 13 | $6.7M |
| Coventry | 10 | $6.5M |
| Newport | 15 | $5.6M |
| Westerly | 6 | $5.6M |
| Block Island | 3 | $4.6M |
| East Greenwich | 10 | $4.4M |
| Middletown | 10 | $3.8M |
How to Get an SBA Loan in Rhode Island
Option 1: Apply directly to one of the top Rhode Island lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Rhode Island-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in Rhode Island in 2025?
What is the average SBA loan interest rate in Rhode Island?
Can I get an SBA loan to start a business in Rhode Island?
Who is the top SBA lender in Rhode Island?
What industries get the most SBA loans in Rhode Island?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
