HarborOne Bank named top SBA lender in R.I. for 2021

PROVIDENCE – HarborOne Bank continues to lead the way in helping Rhode Island businesses secure loans through the U.S. Small Business Administration.

The Massachusetts-based bank was recently recognized as the top SBA lender in Rhode Island, the third time it received this recognition in the last four years, according to a news release.

“It is an honor to be recognized for helping small businesses not only survive but to grow and thrive in these tremendous challenging times,” said James Blake, CEO at HarborOne Bank, in a statement. “Small businesses are the foundation of the Rhode Island economy – when we help them to succeed, we help families, communities and Rhode Island to succeed.”

In fiscal 2021, which ended Sept. 30., HarborOne served as the lender for 32 loans totaling $15 million through the SBA’s signature 7(a) program – the most of any lender across the state, the release stated. Overall, 40 lenders approved 181 7(a) loans totaling $105 million in that time frame.

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HarborOne also made four loans totaling $3 million through the SBA’s 504 program, used to finance fixed assets such as capital equipment, land or building construction.

Mark S. Hayward, the SBA Rhode Island District director, also praised HarborOne for its efforts to support the local business community in a statement.

Across all of its non-COVID, traditional programs, the SBA funded $171.1 million in loans for Rhode Island small businesses in fiscal 2021, which ended Sept. 30, the SBA announced in November.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.