BANKING

BankRI top SBA lender in Rhode Island

BANK RHODE ISLAND was the top U.S. Small Business Administration-backed lender in Rhode Island during fiscal year 2012.
Posted 11/1/12

PROVIDENCE – Bank Rhode Island is the top U.S. Small Business Administration lender in Rhode Island, granting 83 SBA-backed loans valued at $17.4 million in the federal fiscal year that ended Sept. 30.

Coastway Community Bank ranked second with 47 loans valued at $6.01 million. The Washington Trust Co. came in third with 32 SBA-backed loans for $13.3 million, $10.3 million of which were 504 project participation.

The SBA Rhode Island District Office said financial institutions made 349 SBA-guaranteed loans – including 7(a) and 504 loans, and SBA microloans in the fiscal year. In total, $87.5 million in SBA-backed loans were issued during the 2012 fiscal year.

The total dollar volume to Rhode Island small businesses – including lender’s first position share in 504 projects – was $127.2 million.

Across the New England region, Bank Rhode Island ranked seventh. The top three U.S. Small Business Administration lenders in New England were Eastern Bank with 405 loans, Sovereign Bank with 156 loans and TD Bank, which issued 154 loans.

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