SBA recognizes R.I. SBA lenders, says FY2016 set record for loan volume

The U.S. Small Business Administration recognized Rhode Island lending institutions that have excelled as SBA lenders this year, noting that 2016 had the highest volume of loans in the Ocean State’s history.
The U.S. Small Business Administration recognized Rhode Island lending institutions that have excelled as SBA lenders this year, noting that 2016 had the highest volume of loans in the Ocean State’s history.

PAWTUCKET – The U.S. Small Business Administration on Thursday recognized Rhode Island lending institutions that have excelled as SBA lenders this year, noting that 2016 had the highest volume of loans in the Ocean State’s history, as 457 were made for more than $130 million.
The SBA said 2016 was a “banner year for Rhode Island lenders.”
“We are pleased to see the dedication of our lenders to ensuring small business continues to thrive in Rhode Island,” Mark S. Hayward, SBA Rhode Island district director, said in a statement.

Loan program amounts included 7(a) loans totaling more than $64 million, 504 project participations registering more than $34 million, 504 debenture amounts reaching more than $27 million, and Microloans tallying nearly $200,000.
Hayward said that this years’ 24 percent increase over last years’ loan total was the highest volume of SBA loans in Rhode Island history.
“That is a testament to the ever-growing small business community we have here,” Hayward said.
The Rhode Island SBA Lender Awards were held at Pawtucket Country Club and honored five winners in seven categories:

  • Coastway Community Bank was honored as the 7(a) Lender of the Year
  • BankNewport was recognized as the 504 3rd Party Lender of the Year
  • Coastway Community Bank, 7(a) Dollar Volume Lender of the Year
  • Coastway Community Bank, 7(a) and 504 Combined Lender of the Year
  • Ocean State Business Development Authority, Certified Development Company of the Year
  • South Eastern Economic Development Corp., Micro Lender of the year
  • Citizens Bank, Largest Loan Volume Increase

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