Best SBA lenders
Best SBA lenders in Rhode Island
The most active SBA lenders in Rhode Island, ranked from every 7(a) and 504 loan in the SBA's public record, FY2010-2026. Beacon Bank and Trust leads with 820 loans funded.
By Mario Bailey · Source: SBA FOIA 7(a) and 504 data, FY2010–2026, as of 2026-03-31
Top SBA lenders in Rhode Island
The full Rhode Island ranking, by SBA loans funded since FY2010. Every figure is in-state: each lender's loans, dollars, average loan size, and 7(a) charge-off rate cover its Rhode Island lending only, not its national book. A charge-off rate appears only when a lender has at least 20 funded 7(a) loans in Rhode Island; below that line, and on 504-only lending, it reads “not reported,” never 0%.
| # | Lender | Loans | Total funded | Average loan | 7(a) charge-off |
|---|---|---|---|---|---|
| 1 | Beacon Bank and Trust | 820 | $133.6M | $163K | 1.83% |
| 2 | Eastern Bank | 665 | $125.1M | $188K | 3.01% |
| 3 | Citizens Bank, National Association | 407 | $88.6M | $218K | 1.23% |
| 4 | Ocean State Business Development Authority | 363 | $195.9M | $540K | not reported |
| 5 | BankNewport | 319 | $32.8M | $103K | 0.31% |
| 6 | Bristol County Savings Bank | 279 | $68.5M | $246K | 1.79% |
| 7 | Webster Bank National Association | 249 | $92.1M | $370K | 2.01% |
| 8 | Navigant CU | 210 | $38.2M | $182K | 2.86% |
| 9 | TD Bank, National Association | 209 | $34.7M | $166K | 10.53% |
| 10 | Bay Colony Development Corporation | 197 | $112.8M | $573K | not reported |
| 11 | New England Certified Development Corporation | 181 | $82.5M | $456K | not reported |
| 12 | Santander Bank, National Association | 176 | $26.1M | $148K | 2.84% |
| 13 | The Washington Trust Company of Westerly | 140 | $19.5M | $140K | 5.00% |
| 14 | Northeast Bank | 131 | $22.2M | $170K | 3.05% |
| 15 | Community Investment Corporation | 97 | $24.4M | $251K | 6.12% |
| 16 | South Eastern Economic Development Corporation | 77 | $34.7M | $451K | not reported |
| 17 | Newtek Small Business Finance, Inc. | 72 | $65.6M | $911K | 1.39% |
| 18 | Greenwood CU | 70 | $8.6M | $122K | 2.86% |
| 19 | Westerly Community CU | 47 | $3.9M | $83K | 0.00% |
| 20 | Coastal1 Credit Union | 45 | $16.4M | $364K | 8.89% |
| 21 | BayFirst National Bank | 41 | $6.3M | $153K | 4.88% |
| 22 | Bank of America, National Association | 40 | $13.9M | $348K | 0.00% |
| 23 | Live Oak Banking Company | 39 | $34.9M | $894K | 0.00% |
| 24 | Baycoast Bank | 38 | $6.2M | $163K | 0.00% |
Excludes 1 lender whose records blend same-named institutions; see our methodology.
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
7(a) banks vs 504 lenders (CDCs) in Rhode Island
The two SBA programs have different lenders. A 7(a) loan comes from one bank or credit union; a 504 project pairs a bank with a Certified Development Company (CDC), the nonprofit that funds the SBA-backed portion. The leaders in Rhode Island by each program's loans funded since FY2010:
- 1. Beacon Bank and Trust 820 loans
- 2. Eastern Bank 665 loans
- 3. Citizens Bank, National Association 407 loans
- 4. BankNewport 319 loans
- 5. Bristol County Savings Bank 279 loans
- 1. Ocean State Business Development Authority 363 loans
- 2. Bay Colony Development Corporation 197 loans
- 3. New England Certified Development Corporation 181 loans
- 4. South Eastern Economic Development Corporation 64 loans
- 5. Community Investment Corporation 48 loans
Counts are each program's funded loans in Rhode Island. How the two programs differ: 504 vs 7(a), by the data.
Where SBA lending concentrates in Rhode Island
The 3 industries with the most SBA loans in Rhode Island since FY2010, and the most active lender in each. A lender that leads your industry locally can matter more than the overall #1.
| Industry | Loans | Total funded | Most active lender |
|---|---|---|---|
| Accommodation and Food Services | 762 | $282.2M | Beacon Bank and Trust (77 loans) |
| Retail Trade | 755 | $206.1M | Beacon Bank and Trust (119 loans) |
| Construction | 654 | $136.3M | Beacon Bank and Trust (125 loans) |
Full industry, city, and yearly breakdowns: SBA lending in Rhode Island.
How this ranking works
- “Most active” means loans funded. The ranking counts every SBA 7(a) and 504 loan funded to Rhode Island businesses in the SBA's public FOIA record, FY2010–2026, as of 2026-03-31. No lender pays to appear or to rank, and activity is not a fit score: the right lender for you depends on your industry, loan size, and timeline.
- The 10-loan line. A lender enters the Rhode Island table only with at least 10 loans funded in-state, so one-off activity never reads as a track record. Industry cells above are held to at least 30 loans.
- Charge-off is 7(a)-only and needs 20+ loans. The SBA reports charge-offs on 7(a) loans, never on 504 loans. We show an in-state rate only when a lender has at least 20 funded 7(a) loans in Rhode Island; anything thinner reads “not reported,” never 0%. It is a charge-off share of funded loans to date, not a lifetime default rate.
- Name collisions are excluded, and counted. The SBA does not normalize lender names across mergers and rebrands, so one name can blend several unrelated institutions. Flagged names are never ranked on this page; each exclusion is disclosed under the table.
The exact calculations and limits: methodology.
Best SBA lenders in Rhode Island: frequently asked questions
Who is the most active SBA lender in Rhode Island?
Beacon Bank and Trust is the most active SBA lender in Rhode Island in the public record, with 820 7(a) and 504 loans funded since FY2010 ($133.6M in Rhode Island). The ranking counts loans funded, never who pays us.
Do these lenders only serve Rhode Island?
No. The ranking measures activity in Rhode Island: loans funded to Rhode Island businesses in the SBA's record. Many of these lenders are national or multi-state institutions; the loans, dollars, and charge-off figures shown are their Rhode Island lending only.
What's the difference between a 7(a) lender and a CDC?
A 7(a) lender is a bank or credit union that funds an SBA-guaranteed loan directly. A Certified Development Company (CDC) is a nonprofit that funds the SBA-backed portion of a 504 project alongside a bank. Charge-off is reported only on 7(a) loans, so a 504-only CDC shows "not reported," never 0%.
How many SBA lenders are active in Rhode Island?
40 lenders have funded at least 10 SBA loans in Rhode Island since FY2010 in the public record (as of 2026-03-31). The table above names the 24 most active of them; names that blend several same-named institutions are excluded from rankings.
Mario Bailey. (2026). Best SBA lenders in Rhode Island. SBA Loan Index. https://sbaloanindex.com/best-sba-lenders/in/ri/
Free to cite and quote with attribution and a link. Members of the press can reach us via our press page.
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