PROVIDENCE – Citizens Bank was the top lender to Rhode Island small businesses through the U.S. Small Business Administration’s 7a loan program from Oct. 1, 2019, to Jan. 31, 2020, according the SBA.
The Rhode Island-based bank lent $2.61 million across six small-business recipients in that time. Other top lenders by dollar figure through the 7a program, which helps recipients buy or start a business or obtain working capital, were North Carolina-based Live Oak Banking Co., which gave a single $1.73 million loan, and Bank of America Corp., which gave two loans totaling $1.58 million.
Other banks and credit unions with services in Rhode Island or Bristol County, Mass., that lent money to Rhode Island small businesses, along with their total recipient and loan amounts, are:
- Freedom National Bank gave five loans totaling $750,000.
- Bank Rhode Island gave five loans totaling $695,000.
- Bristol County Savings Bank gave one loan for $594,000.
- Navigant Credit Union gave four loans totaling $552,000.
- HarborOne Bank gave three loans totaling $175,000.
- Webster Bank gave one loan for $100,000.
- Santander Bank gave two loans totaling $85,000.
- TD Bank gave two loans totaling $50,000.
- The Washington Trust Co. gave one loan for $25,000.
A total of 17 financial institutions participated in the SBA 7a loan program, lending a total of $10.87 million to 39 Ocean State businesses.
Four of those institutions also lent to local recipients through SBA’s 504 loan program, which helps small businesses finance commercial real estate or equipment. The institutions each provided one loan in the following amounts: Navigant Credit Union ($1.06 million); Washington Trust ($853,597); Bank Rhode Island ($462,500); and HarborOne Bank ($340,000).
BankNewport led the way in the 504 loan program in total dollars lent as well as number of recipients, lending $8.15 million to 11 small businesses. Overall, 12 financial institutions lent to local recipients through SBA’s 504 loan program for a total of $14.56 million lent to 24 recipients.
Other banks and credit unions with services in Rhode Island or Bristol County, Mass., that lent money through the 504 loan program, along with their total recipient and loan amounts, are:
- Greenwood Credit Union gave two loans totaling $672,500.
- BayCoast Bank gave one loan for $575,000.
- People’s Credit Union gave one loan for $320,000.
- BankFive gave one loan for $182,500.
Adding in microloans and those financed through certified development corporations, including three from the South Eastern Economic Development Corp. totaling $115,000, Rhode Island small businesses received a total of $37.19 million in SBA loans in the four-month period.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
