SBA recognizes 2023 Rhode Island lenders of the year

PAWTUCKET – A total of 262 loans were made in Rhode Island by 46 different lending institutions across the U.S. Small Business Administration’s 7(a), 504 and Mirco Loan programs for fiscal year 2023, from Oct. 1, 2022, through Sept. 30, 2023, with more than $138 million going to local businesses, the SBA announced.

Lending leaders were recognized and celebrated in several categories during an awards ceremony at the Pawtucket Country Club on Dec. 8.

The fiscal 2023 winners included:

  • TD Bank as the 7(a) Lender of the Year.
  • Bristol County Savings Bank as the 7(a) Dollar Volume Lender of the Year.
  • HarborOne Bank as the 7(a) & 504 3rd Party Combined Dollar Volume Lender of the Year.
  • Ocean State Business Development Authority as the Certified Development Company of the Year.
  • Both BankNewport and Centreville Bank as the 504 3rd Party Lenders of the Year.
  • South Eastern Economic Development Corp. as the Microlender of the Year.

TD Bank earned the 7(a) Lender of the Year award by making 42 loans to local small businesses totaling more than $3.9 million. It was the first time TD Bank won this award in Rhode Island, according to a news release, but this was the eighth consecutive year that Ocean State Business Development Authority was named the Certified Development Company of the Year. OSBDA earned the award by making 23 loans for more than $19.1 million to Ocean State small businesses.

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BankNewport and Centreville Bank became co-winners of the 504 3rd Party Lender of the Year award for the second straight time, according to the release, by each making 12 third-party loans, combining to inject more than $9.8 million into the small-business community.

“From some of the largest banks in the country to one-location credit unions, all of these lending institutions should be commended for their commitment to small businesses here in Rhode Island”, SBA District Director Mark S. Hayward said in a statement. “We are honored to have such dedicated partners in the lending community that are always ready to answer the call and assist our small businesses to get the financing they need to be able to grow their business and thrive.”