PROVIDENCE – Citizens Bank dominated the Paycheck Protection Program in Rhode Island, serving as the lender for more than 2.5 times as many payroll relief loans to state businesses as the next most active lender in the state, according to a Providence Business News analysis of information from the U.S. Small Business Administration.
The SBA on July 6 released the long-awaited tranche of data identifying the names of all businesses that received at least $150,000 in forgivable payroll loans as of June 30. Recipients of smaller loans were not identified by name, although demographic and lender information was provided.
Citizens Bank topped the list of lenders to state business recipients, with 4,316 loans approved as of June 30. Citizens also claimed the No. 1 spot among both categories of loans – $150,000-plus and below $150,000 – although the bulk of its loans (3,884) went to smaller companies that received below the $150,000 threshold.
Bank of America Corp. was the second-most prolific lender in Rhode Island, authorizing 1,633 total loans, 1,428 of which were below $150,000. BankNewport and The Washington Trust Co. each approved more than 1,500 loans apiece, ranking third and fourth, respectively.
While Bank Rhode Island ranked fifth in terms of total loans approved – 1,401 – it was the second-highest provider of loans in the $150,000-plus category, with 404 approved.
Major national banks were generally less active in the Rhode Island market for PPP loans. Santander Bank, which has the fourth-largest share of deposits in the state, served as the lender for 603 loans, while TD Bank approved 370.
The full list of companies in each state that received loans, as well as the lenders through which they received them, is available on the SBA website.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
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