small businesses

SBA supports $1.6M in loans to R.I. businesses in January

THE U.S. Small Business Administration issued 15 loans for Rhode Island small businesses in January.
Posted 2/3/12

PROVIDENCE – The U.S. Small Business Administration issued guarantees for 15 loans to Rhode Island small businesses in January.

The agency supported $1.6 million in total; $195,000 went to four new businesses that created 24 new jobs, the SBA said.

“It is critical that small businesses have access to capital in order to start and grow,” said Mark S. Hayward, director of the SBA Rhode Island office.

Many of the loans were made to businesses located in northern Rhode Island; in Pawtucket, three businesses were granted loans totaling $630,700.

Since the beginning of the federal fiscal year on Oct. 1, 2011, the SBA has guaranteed 93 loans worth more than $24 million.

As of Jan. 31, the top five Rhode Island SBA lenders are:

  • Bank Rhode Island - 12 loans, $808,000.

  • Coastway Community Bank – 11 loans, $1,385,000

  • BankNewport – 9 loans, $2,186,300.

  • Citizens Bank – 9 loans, $641,500.

  • The Washington Trust Company – 8 loans, $396,500.

Since the beginning of the federal fiscal year, the top municipalities where businesses received SBA loans are:

  • Providence - 11 loans, $1,931,000.

  • Pawtucket – 9 loans, $1,134,000.

  • Cranston - 7 loans, $1,840,000.

  • Portsmouth – 7 loans, $1,234,000.

  • Westerly – 5 loans, $724,000.

  • Warwick - 5 loans, $420,000.

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It would be nice if people started to realize that the SBA does not make loans, rather, it guarantees a portion of the loans made by qualified lenders. This is a critcal program which guarantees a portion of the private capital invested into the business community, hence enticing the investment of private capital into the business community.

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