SBA reports 35 percent increase in lending

PROVIDENCE – Small business lending in Rhode Island is off to a strong start, as the U.S. Small Business Administration of Rhode Island reports a 35.4 percent increase in loans made from October through January totaling $32.4 million.
Through the first four months of the SBA’s fiscal year, the federal agency estimates 129 loans were made in Rhode Island totaling $32.4 million compared with 94 loans totaling $23.9 million made during the same period last year, according to data released this month.
Rhode Island small businesses received a total of $54.9 million through the programs compared with $30.7 million in the same period last year.
So far, Independence Bank has made the most loans through the SBA’s flagship 7a program with 16 loans totaling $2.2 million. BankNewport has made the most loans through the 504 project participating loan program with four loans totaling $7.2 million. Of the certified development companies to have participated in the 504 program, Bay Colony Development Corp. has made the most loans with six totaling $5.2 million. However, Ocean State Business Development has provided more money with five loans totaling $8.4 million.
South Eastern Economic Development Corp., or SEED, has made the most SBA microloans with two totaling $120,000.
The most loans so far have been made in Providence with 23 loans totaling $3.6 million, although Smithfield has received the highest dollar amount with $10.5 million.