Rhode Island SBA lending exceeds $138M in fiscal year 2023

PROVIDENCE – More than $138 million in U.S. Small Business Administration lending was provided for small businesses in Rhode Island during fiscal year 2023, according to the SBA.

The funds were part of an overall $50 billion in capital, disaster relief and bonding delivered by the SBA to small businesses and disaster-impacted communities nationwide from Oct. 1, 2022, through Sept. 30, 2023, U.S. Small Business Administrator Isabel Casillas announced.

The SBA saw increases in its microloan program and its 7(a) Loan Program, which is the agency’s primary vehicle for providing funding to small businesses, according to a news release.

In Rhode Island, SBA lending totaled $138.5 million across the 7(a), 504 and Microloan programs during fiscal 2023, with the 7(a) program delivering 198 loans totaling $71.4 million; the 504 loan program providing 46 loans to businesses totaling $38.2 million; and the state’s two microlenders combining to make 18 loans in the SBA Microloan Program for a total of $361,000, according to the release.

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“I would like to thank the members of the lending community for their continued diligence and hard work supporting local small businesses during this past fiscal year,” SBA R.I. District Director Mark S. Hayward said in a statement. “Their commitment to SBA lending programs and the Rhode Island small business community ensures these entrepreneurs can access funding needed to grow their business. Putting over $138 million on the street in Rhode Island alone is a tremendous achievement and I thank all our lenders for being such valued partners to local small businesses.”

There was a notable increase in both the number and value of 7(a) loans to small businesses across the country, according to the release, as well as a rise in the number of small-dollar loans distributed through the program.