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11 active SBA 7(a) lenders in Rhode Island, ranked by loan volume.
Lenders
in Rhode Island
Total Volume
Median Rate
Median Loan Size
| # | Lender | Loans | Volume | Rate | Default Rate |
|---|---|---|---|---|---|
| 1 | Live Oak Bank | 6 | $14.6M | P+1.50% | 0.8% |
| 2 | Brookline Bank | 3 | $1.8M | P+2.25% | 0.9% |
| 3 | Citizens Bank, National Association | 2 | $644K | P+3.00% | 0.0% |
| 4 | The Huntington National Bank | 2 | $750K | P+2.25% | 1.5% |
| 5 | Oconee State Bank | 2 | $1.8M | P+2.38% | 0.0% |
| 6 | The Washington Trust Company of Westerly | 2 | $1.0M | P+0.00% | 0.0% |
| 7 | Rockland Trust Company | 2 | $1.2M | P+0.00% | 0.0% |
| 8 | Webster Bank National Association | 1 | $1.3M | P+1.50% | 1.5% |
| 9 | Bankwell Bank | 1 | $2.5M | P+2.50% | 0.0% |
| 10 | Bristol County Savings Bank | 1 | $2.6M | P+0.00% | 0.0% |
| 11 | Navigant CU | 1 | $247K | P+1.00% | 12.5% |
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Customize your search →Rhode Island has 11 active SBA 7(a) acquisition lenders that have originated a combined 23 loans totaling $28.6M in volume. The median acquisition loan size in Rhode Island is $620K, with a median interest rate of Prime + 2.25% (Prime + spread).
When evaluating SBA lenders in Rhode Island, consider loan volume (a proxy for experience), interest rates, and historical default rates. Lenders designated as PLP (Preferred Lender Program) have delegated authority from the SBA to approve loans, which typically results in faster processing times.
There are currently 11 active SBA 7(a) lenders in Rhode Island based on FOIA lending data. These lenders have originated 23 acquisition loans.
The median SBA 7(a) acquisition loan rate in Rhode Island is Prime + 2.25% (current Prime rate: 6.75%). Rates are typically expressed as Prime plus a spread, with the SBA capping the spread at 3.0% for loans over $250,000.
A PLP (Preferred Lender Program) lender has been granted delegated authority by the SBA to make credit decisions without prior SBA review. This typically means faster loan processing and approval timelines.
Data source: SBA 7(a) FOIA lending data. Rankings are based on loan count within the selected dimension. Rates shown are median interest rates expressed as Prime + spread. Default rates represent 10-year cumulative default rates. Data is refreshed periodically and may not reflect the most recent lending activity.