SMITHFIELD – Rhode Island small businesses received $179 million in loans in fiscal year 2025, a 56.9% increase over the previous year.
A total of 387 loans were approved across the SBA’s 7(a), 504 and Microloan programs from Oct. 1, 2024, through Sept. 30, 2025, the U.S. Small Business Administration announced on Thursday. Leading the way was the 7(a) loan program, which guarantees up to 90% of loans and provides funding of up to $5 million.
Rhode Island small businesses specifically received more than $105 million in 7(a) loans, or SBA-backed loans that help small businesses access working capital and financing for equipment or expansion, the third-largest total in state history and the largest since 2018. Approvals increased to 331 loans, up 31.9% from 251 in fiscal 2024.
Nationally, the SBA guaranteed a record 84,400 7(a) loans in fiscal 2025 for a total of $44.8 billion, including 77,600 loans totaling $37 billion and 6,750 504 loans for $7.8 billion, according to the U.S. Small Business Administration Rhode Island District Office.
The 504 loans provide long-term, fixed-rate financing for major assets like real estate or large equipment through a partnership between an SBA-certified development company and a private lender.
The SBA also launched new programs this year, including the Manufacturers’ Access to Revolving Credit program, which provides loans to small manufacturing businesses, and the 7(a) Working Capital Pilot program, offering guarantees on lines of credit for asset- and transaction-based deals.
In an awards ceremony at Bryant University on Wednesday, the SBA recognized the top lenders in Rhode Island:
-
7(a) Lender of the Year: BankNewport
-
7(a) Dollar Volume Lender of the Year: Live Oak Banking Company
-
7(a) & 504 3rd Party Combined Dollar Volume Lender of the Year: BankNewport
-
Certified Development Company of the Year: Ocean State Business Development Authority
-
504 3rd Party Lenders of the Year: BankNewport
-
Microlender of the Year: Community Investment Corporation
BankNewport made 72 7(a) loans totaling more than $4.5 million, earning the 7(a) Lender of the Year award for the second time. OSBDA, named CDC of the Year for the tenth consecutive year, made 19 loans for over $15.1 million.
BankNewport also made 16 504 third-party loans, injecting $12.1 million into the small-business community, earning the 504 3rd Party Lender award for the fourth straight year. The Microlender of the Year, Community Investment Corporation, delivered seven microloans totaling $351,250.
Highlights of SBA lending in Rhode Island for fiscal year 2025 include:
-
7(a) Loan Program: 331 loans totaling $105 million
-
504 Loan Program: 44 projects, $31.9 million in SBA funding, $41.7 million in third-party financing, $73.6 million in total project costs
-
Microloan Program: 12 microloans totaling $351,250
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
