SBA loans by state
SBA loans in Rhode Island: 175 approvals in FY 2026, median $100,000
BankNewport alone made 35% of the loans. 63% of loans went through SBA Express.
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Rhode Island: 7(a) loans approved last year
175
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Rhode Island: median rate at approval, $50,001 to $250,000 | 9.75% |
| Rhode Island: median 7(a) loan last year | $100,000 |
| Payment over 10 years, SBA fee added to the loan | $1,344/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Rhode Island, FY 2026: 175 SBA 7(a) approvals for $56.4 million (42nd of the 50 states and DC, SBA file of September 30, 2026). BankNewport alone made 35% of the loans. 63% of loans went through SBA Express. Only 5% of variable loans sat at the SBA maximum. Loans were small: the median was $100,000, against $220,000 nationally. The state used 504 loans heavily: 39 approvals for $21.1 million. Start-ups took only 9% of approvals. 29% of loans had a fixed rate, against 13% nationally. Few loans ran past 15 years: 5%. 39% of approvals were revolving lines of credit. Home-state lenders made 42% of the loans, against 26% nationwide. Borrowers were small teams, 6.8 jobs per loan. Today’s cap on a $100,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| BankNewport | 62 | $50,000 | 9.50% | Rhode Island (in-state) |
| TD Bank | 14 | $34,500 | 8.74% | Delaware |
| Santander Bank | 10 | $352,300 | n/a | Delaware |
| Baycoast Bank | 7 | $75,000 | n/a | Massachusetts |
| Newtek Bank | 6 | $75,000 | n/a | Florida |
BankNewport dominates
BankNewport alone made 35% of Rhode Island’s SBA loans, a share for one lender 3rd highest among the 50 states and DC, with a median loan of $50,000. The five busiest together made 57%.
Express is the main route
63% of Rhode Island’s loans were SBA Express, 3rd highest among the 50 states and DC. Among the busiest lenders, BankNewport, TD Bank and Baycoast Bank made mostly Express loans. Most of these are small loans decided by the bank itself, on a 50% guaranty.
Almost nobody pays the maximum
Just 5% of Rhode Island’s variable loans were at the SBA ceiling, 7th lowest among the 50 states and DC. Lenders here compete below the cap, so the median for your loan size, in the table above, is the better benchmark.
Among the smallest SBA loans in the country
A median of $100,000 makes Rhode Island’s loans 4th lowest among the 50 states and DC in size. 33% were for $50,000 or less, the band where SBA lets the rate reach prime plus 6.5 (13.50% today) and charges 2% on an 85% guaranty.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 58 | 9.88% | 13.50% |
| $50,001 to $250,000 | 70 | 9.75% | 13.00% |
| $250,001 to $350,000 | 15 | 9.75% | 11.50% |
| over $350,000 | 32 | 8.75% | 10.00% |
A leading 504 state
Relative to its 7(a) volume, Rhode Island uses 504 debentures more than almost anywhere: 39 of them for $21.1 million, a ratio to 7(a) loans 7th highest among the 50 states and DC. Ocean State Business Development Authority arranged 17 on its own. Building owners here can count on a CDC that knows the local market.
Lending to going concerns
Rhode Island ranks 6th lowest among the 50 states and DC for start-up lending, with 9% of loans to businesses not yet open; 62% went to firms more than two years old.
A fixed-rate market
Rhode Island lenders wrote 29% of their SBA loans at a fixed rate, 3rd highest among the 50 states and DC, at a median of 7.75%. The fixed cap, prime plus 5 to 8 points, is set in the Federal Register notice of August 1, 2022.
Short terms dominate
Only 5% of Rhode Island’s loans ran 15 years or more (13% nationally); the median term was 10 years. Loans under 15 years can be repaid early with no SBA fee.
Counties with the most approvals: Providence (75), Kent (29) and Newport (27). Trades: full-service restaurants (12), landscaping services (9), fitness and recreational sports centers (6), residential remodelers (6) and all other specialty trade contractors (6).
All states compared.