SBA Lenders in Rhode Island
12 active SBA lenders · 1,136 loans approved · $1.1B total volume
All SBA Lenders in Rhode Island
| Lender | City | Loans | Total Volume | Avg Loan | Preferred |
|---|---|---|---|---|---|
| Citizens Bank, National Association | PROVIDENCE | 534 | $359.4M | $673K | ⭐ |
| Shoreham Bank | Warwick | 369 | $694.4M | $1.9M | ⭐ |
| BankNewport | Middletown | 130 | $9.8M | $76K | — |
| Navigant CU | SMITHFIELD | 62 | $15.1M | $243K | ⭐ |
| The Washington Trust Company of Westerly | WESTERLY | 13 | $2.6M | $201K | ⭐ |
| Greenwood CU | WARWICK | 8 | $1.3M | $158K | ⭐ |
| Coastal1 Credit Union | Pawtucket | 7 | $4.9M | $704K | — |
| Business Development Company | Providence | 3 | $425K | $142K | — |
| Westerly Community CU | WESTERLY | 3 | $942K | $314K | — |
| Independence Bank | EAST GREENWICH | 3 | $425K | $142K | — |
| Centreville Bank | WEST WARWICK | 3 | $540K | $180K | — |
| People's Credit Union | MIDDLETOWN | 1 | $165K | $165K | — |
Finding an SBA Lender in Rhode Island
There are currently 12 SBA-approved lenders headquartered in Rhode Island, ranging from national banks to local community lenders. Together they have approved 1,136 SBA 7(a) loans totaling $1.1B since 2020.
Of these, 5 are SBA Preferred Lenders — meaning they have delegated authority to approve SBA loans without prior SBA review, resulting in faster processing and funding.
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SBA Lender Questions for Rhode Island
How many SBA lenders are in Rhode Island?
There are currently 12 SBA-approved lenders headquartered in Rhode Island. Together they have approved 1,136 SBA 7(a) loans totaling $1.1B since 2020. Of these, 5 hold SBA Preferred Lender status, allowing them to approve loans without prior SBA review.
What is an SBA Preferred Lender in Rhode Island?
An SBA Preferred Lender (PLP) in Rhode Island is a bank or financial institution that has earned delegated authority from the SBA to approve loans independently — without waiting for SBA review. This results in faster approvals (often 7–10 business days vs. 4–6 weeks) and a more streamlined process. Rhode Island currently has 5 Preferred Lenders.
How do I choose the best SBA lender in Rhode Island?
When choosing an SBA lender in Rhode Island, consider three factors: (1) Preferred Lender status — these lenders close loans faster; (2) loan volume — lenders with higher approval counts have more SBA experience; (3) average loan size — find a lender whose typical deal size matches your needs. Our directory shows real SBA loan data for all 12 Rhode Island lenders so you can compare objectively.
How long does SBA loan approval take in Rhode Island?
With an SBA Preferred Lender in Rhode Island, approval typically takes 7–10 business days. Non-preferred lenders require SBA review, adding 2–4 weeks. After approval, funding usually takes an additional 2–4 weeks, so total time from application to funding is typically 30–90 days depending on the lender and loan complexity.