Rhode Island businesses took out 653 SBA 7(a) loans worth $205M in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 42nd of 52 by number of loans and 44th by dollars. The median loan was $100K at a median starting rate of 10.25%. In FY2026 alone, lenders approved 175 Rhode Island loans for $56.4M before cancellations.
What stands out in Rhode Island
SBA Express is the main channel
61.7% of Rhode Island's 7(a) loans were made through SBA Express, against 35.8% nationally. Express loans are capped at $500,000 and the lender makes the credit decision itself, so they move faster but are smaller. The median Rhode Island loan was $100K (national median $175K).
A steeper FY2026 drop than the country
Rhode Island approvals went from 331 in FY2025 to 175 in FY2026 (−47.1%), against −28.1% nationally. Dollar volume went from $105M to $56.4M (−46.3%).
Lending clusters in one county
Providence County alone accounted for 49.3% of Rhode Island's 7(a) loans (322 loans), and Providence was the most frequent borrower city with 96. The next county, Kent, had 18.1%.
One lender dominates
BankNewport approved 149 of Rhode Island's 653 SBA 7(a) loans in FY2024 to FY2026, a 22.8% share. The top three lenders together made 39.5%. For comparison, the largest 7(a) lender nationally, The Huntington National Bank, holds 10.3% of all loans. When one bank makes this many of a state's loans, its pricing and credit appetite set the tone, so a second quote is worth getting.
Smaller loans than average
The median 7(a) loan in Rhode Island was $100K, below the national median of $175K. 64.5% of Rhode Island loans were $150,000 or less (49.0% nationally) and 6.6% were $1 million or more (13.6% nationally).
Little startup lending
Loans to open a new business made up 10.0% of Rhode Island's 7(a) loans, against 16.1% nationally; counting businesses two years old or younger, the share is 25.9%.
What a typical Rhode Island SBA loan looks like
| FY2024-FY2026, not cancelled | Rhode Island | United States |
|---|---|---|
| Median loan | $100K | $175K |
| Average loan | $313K | $508K |
| Median starting rate | 10.25% | 10.25% |
| Variable-rate loans | 74.3% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 64.5% | 49.0% |
| Loans of $500K or less | 88.8% | 76.9% |
| Loans of $1M or more | 6.6% | 13.6% |
| Startups (loan opens the business) | 10.0% | 16.1% |
| Startups and businesses 2 years old or less | 25.9% | 32.0% |
| Change of ownership (buying a business) | 8.1% | 10.9% |
| Franchise businesses | 7.8% | 11.0% |
| SBA Express loans | 61.7% | 35.8% |
| Jobs supported (reported at approval) | 4,905 | 1,733,816 |
Rhode Island SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 252 | 331 | 175 |
| Dollars approved | $77.4M | $105M | $56.4M |
| Loans not cancelled | 215 | 284 | 154 |
| Median loan | $100K | $100K | $100K |
| Median rate | 11.25% | 10.25% | 9.00% |
| Loans of $150K or less | 66.0% | 60.6% | 69.5% |
| SBA Express share | 62.3% | 59.5% | 64.9% |
FY2026 approvals in Rhode Island changed by −47.1% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
Top SBA 7(a) lenders in Rhode Island
| Lender | Loans | Share of state |
|---|---|---|
| 1. BankNewport | 149 | 22.8% |
| 2. TD Bank, National Association | 56 | 8.6% |
| 3. Beacon Bank and Trust | 53 | 8.1% |
| 4. Santander Bank, National Association | 42 | 6.4% |
| 5. Eastern Bank | 38 | 5.8% |
| 6. Bristol County Savings Bank | 24 | 3.7% |
| 7. Readycap Lending, LLC | 21 | 3.2% |
| 8. The Huntington National Bank | 19 | 2.9% |
| 9. Navigant CU | 18 | 2.8% |
| 10. Newtek Bank, National Association | 16 | 2.5% |
Industries that borrow most in Rhode Island
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 104 | 15.9% | $100K | 10.25% |
| Restaurants and hotels | 93 | 14.2% | $125K | 10.25% |
| Retail | 77 | 11.8% | $100K | 10.25% |
| Professional services | 62 | 9.5% | $78K | 10.50% |
| Other services (repair, personal care) | 61 | 9.3% | $60K | 10.25% |
| Health care | 55 | 8.4% | $200K | 10.00% |
| Administrative and support services | 50 | 7.7% | $100K | 10.53% |
| Manufacturing | 44 | 6.7% | $156K | 10.00% |
Where in Rhode Island the loans go
| County | Loans |
|---|---|
| Providence | 322 |
| Kent | 118 |
| Newport | 97 |
| Washington | 76 |
| Bristol | 40 |
| City | Loans |
|---|---|
| Providence | 96 |
| Warwick | 65 |
| Cranston | 52 |
| Newport | 33 |
| Johnston | 28 |
| Bristol | 24 |
| Pawtucket | 23 |
| North Kingstown | 23 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Rhode Island
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Rhode Island | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 122 | 18,076 |
| 504 dollars | $69.2M | $20.82B |
| Median 504 loan | $341K | $742K |
| Jobs supported (reported at approval) | 580 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Ocean State Business Development Authority | 60 |
| New England Certified Development Corporation | 25 |
| Bay Colony Development Corporation | 23 |
| Community Investment Corporation | 11 |
SBA district office for Rhode Island
Rhode Island loans are overseen by the SBA Rhode Island District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Rhode Island
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide.
Frequently asked questions
How many SBA loans were made in Rhode Island?
Lenders approved 252 SBA 7(a) loans for Rhode Island businesses in FY2024, 331 in FY2025 and 175 in FY2026, before cancellations. Net of cancelled loans, the three years total 653 loans worth $205M, plus 122 SBA 504 loans worth $69.2M.
Which banks make the most SBA loans in Rhode Island?
In FY2024 to FY2026 the most active 7(a) lenders in Rhode Island were BankNewport (149 loans, 22.8%), TD Bank, National Association (56 loans, 8.6%), Beacon Bank and Trust (53 loans, 8.1%).
What is the typical SBA loan size and rate in Rhode Island?
The median 7(a) loan in Rhode Island was $100K and the average was $313K. The median starting interest rate was 10.25%, 74.3% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Rhode Island by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Mississippi, New Mexico, Delaware, Montana, or see all states.