SBA Lenders in Rhode Island
Top lenders ranked by real SBA lending data. See who's most active in Rhode Island across deal count, loan size, and pricing.
What Borrowers Should Know
Rhode Island lenders are pricing 7(a) loans 33 basis points cheaper than the national median (P+2.42% vs. P+2.75%). This competitive advantage likely reflects the state's tight banking relationships and high lender concentration—just 5 banks control 1,305 of 2,483 deals (52%). If you qualify for these top lenders, you could save $3,000-$8,000 annually on a $300,000 loan compared to national averages.
Your average Rhode Island deal size is $296,078, but the state supports 2,483 total deals across 73 active lenders—meaning thin diversification below the top 5. If your business doesn't fit Citizens Bank or Bristol County Savings Bank's typical profile (406 and 274 deals respectively), you may face narrower options. The long tail of smaller lenders (68 banks sharing 1,178 deals) suggests you should verify 2-3 secondary lenders early.
New England Certified Development Company ranks 5th with 179 deals and focuses on 504 loans (real estate and equipment financing), not 7(a) working capital. This signals Rhode Island businesses rely heavily on blended SBA products. If your project involves facility expansion or equipment purchase, you have a genuine 504 specialist; if you need working capital, the 7(a) market is even more concentrated than raw deal counts suggest.
Total SBA Loans
2,483
Active Lenders
72
Avg Deal Size
$302K
Total Volume
$749.1M
Top 10 Lenders in Rhode Island
Ranked by total deal count across all SBA programs.
| # | Lender | Type | Deals | Avg Size | Spread | |
|---|---|---|---|---|---|---|
| 1 | Citizens Bank, National Association | Bank | 406 | $219K | P + 2.35%AVERAGE | |
| 2 | Bristol County Savings Bank | Bank | 274 | $249K | P + 2.00%GOOD | |
| 3 | Webster Bank National Association | Bank | 241 | $350K | P + 1.75%GOOD | |
| 4 | Navigant CU | Bank | 205 | $185K | P + 2.50%AVERAGE | |
| 5 | New England Certified Developm | CDC/504 | 179 | $456K | — | |
| 6 | Santander Bank, National Association | Bank | 174 | $150K | P + 4.00%HIGH | |
| 7 | The Washington Trust Company of Westerly | Bank | 140 | $140K | P + 2.13%GOOD | |
| 8 | Independence Bank | Bank | 131 | $343K | P + 2.75%AVERAGE | |
| 9 | Northeast Bank | Bank | 129 | $171K | P + 2.75%AVERAGE | |
| 10 | Newtek Small Business Finance, Inc. | Non-Bank | 71 | $920K | P + 2.75%AVERAGE |
Top Industries in Rhode Island
SBA lending activity by industry segment.