Searching for trusted Rhode Island SBA lenders to power your business growth? Our comprehensive directory connects Rhode Island entrepreneurs with approved SBA loan providers throughout Providence, Warwick, Cranston, Newport and across the state. Whether you’re exploring SBA 7(a) loans, 504 loans, microloans, or disaster assistance, our list features the most active small business lenders with competitive rates and flexible terms for Rhode Island businesses. Discover which local banks, credit unions, and financial institutions participate in Small Business Administration lending programs, compare their requirements, and find the ideal financing partner to help your Rhode Island small business thrive in the Ocean State’s dynamic economic landscape.
| Lender Name | Phone | |
|---|---|---|
| Ascendus | Cambridge, MA | 617-616-1598 |
| Bank of America | Providence, RI | 401-278-5520 |
| Bank Rhode Island | Providence, RI | 401-574-1657 |
| BankNewport | Middletown, RI | 401-845-8689 |
| Bay Colony Development Corp. | Waltham, MA | 781-478-3655 |
| Bristol County Savings Bank | Pawtucket, RI | 401-722-8845 |
| Business Company of RI | Providence, RI | 401-351-3036 |
| CDC New England | Providence, RI | 508-254-7891 |
| Centreville Bank | West Warwick, RI | 401-827-5241 |
| Citizens Bank | Warwick, RI | 401-468-5922 |
| Coastal1 Credit Union | Pawtucket, RI | 401-729-4096 |
| Community Investment Corp. | Providence, RI | 401-406-7282 x 128 |
| Greenwood Credit Union | Warwick, RI | 401-562-2784 |
| HarborOne Bank | Providence, RI | 401-330-1678 |
| Navigant Credit Union | Smithfield, RI | 401-233-4716 |
| Ocean State Business Development | Warwick, RI | 401-291-1504 |
| People’s Credit Union | Middletown, RI | 401-846-8930 X 1273 |
| Rockland Trust | Rockland, MA | 781-982-6768 |
| Santander Bank | Providence, RI | 610-378-6627 |
| Savings Institute Bank & Trust | Newport, RI | 401-601-0111 |
| Shoreham Bank | Warwick, RI | 800-223-1700 X 8 |
| South Eastern Economic Development Corp | Taunton, MA | 508-822-1020 |
| TD Bank | Providence, RI | 401-455-2923 |
| Washington Trust Company | Westerly, RI | 401-348-1680 |
| Wave Federal Credit Union | Warwick, RI | 401-781-1020 |
| Webster Bank | Providence, RI | 401-228-2065 |
| Westerly Community Credit Union | Westerly, RI | 401-596-7000 X 2512 |
Frequently Asked Questions
Q: What are SBA loans and how do they work in Rhode Island?
A: SBA loans are government-backed loans provided through approved lenders in Rhode Island. The Small Business Administration guarantees a portion of the loan, reducing risk for lenders and allowing them to offer more favorable terms to Rhode Island small businesses. The lender provides the funds while the SBA guarantees repayment up to a certain percentage, typically 75-85% depending on the program. This structure enables Rhode Island entrepreneurs to access capital with lower down payments, longer repayment terms, and competitive interest rates compared to conventional business loans.
Q: What types of SBA loans are available to Rhode Island businesses?
A: Rhode Island businesses can access various SBA loan programs including:
- SBA 7(a) loans: The most common program for general business purposes with loans up to $5 million
- SBA 504 loans: For major fixed asset purchases like real estate or equipment
- SBA Microloans: Smaller loans up to $50,000 for startups and smaller businesses
- SBA Express loans: Faster approval process with loans up to $500,000
- SBA Disaster loans: Special assistance for businesses affected by declared disasters
Q: What are the minimum requirements to qualify for an SBA loan in Rhode Island?
A: To qualify for an SBA loan in Rhode Island, businesses typically need:
- For-profit operation based in Rhode Island
- Owner-occupied (not primarily for investment)
- Good personal credit (typically 650+ FICO score)
- Sufficient cash flow to support loan payments
- No recent bankruptcies, foreclosures, or defaults on government loans
- Reasonable owner equity investment (typically 10-30% depending on the program)
- Operating history of at least 2 years (though some lenders work with startups)
Q: How do Rhode Island SBA lenders support businesses in the maritime and blue economy sectors?
A: Rhode Island’s coastal geography has created specialized SBA lending expertise in these sectors. Several Rhode Island lenders have developed industry-specific loan packages designed for marine manufacturers, boat builders, seafood processors, ocean technology developers, and coastal tourism businesses. These lenders understand the unique capital needs, seasonal considerations, and regulatory environment of maritime businesses and can structure loans accordingly. Some Rhode Island SBA lenders coordinate with organizations like the Rhode Island Sea Grant, the Rhode Island Marine Trades Association, and the University of Rhode Island’s Graduate School of Oceanography to provide comprehensive support. These specialized lending programs have helped strengthen Rhode Island’s blue economy by financing businesses that leverage the state’s 400 miles of coastline and maritime heritage, with particular attention to companies developing innovative ocean technologies and sustainable approaches to marine resource utilization. From boat builders in Bristol to marine technology firms in Narragansett to seafood businesses in Point Judith, these lenders provide crucial capital that helps entrepreneurs balance economic opportunity with environmental stewardship while creating distinctive maritime businesses that maintain Rhode Island’s connection to the sea.
Q: Are there special SBA loan programs for Rhode Island’s design and creative industries?
A: Yes, Rhode Island’s design leadership has influenced local SBA lending practices. Several Rhode Island lenders offer tailored loan packages for jewelry manufacturers, textile designers, furniture makers, architectural firms, and creative service providers. These lenders understand the unique business models and growth trajectories of design-focused businesses and can structure loans accordingly. Some Rhode Island SBA lenders coordinate with organizations like the Rhode Island School of Design, DesignxRI, and the Rhode Island State Council on the Arts to help businesses access both financing and design expertise. These specialized lending programs have helped strengthen Rhode Island’s position as a hub for design excellence by financing businesses that build on the state’s legacy in jewelry, textiles, and industrial design while embracing contemporary approaches and technologies. From jewelry manufacturers in the Providence Jewelry District to textile innovators in Pawtucket to furniture designers in East Greenwich, these lenders have developed expertise in helping creative entrepreneurs balance artistic vision with business sustainability. As Rhode Island continues evolving its historic manufacturing prowess into design-driven enterprises, these lenders provide crucial capital that helps the state maintain its distinctive creative economy.
Q: How do Rhode Island SBA lenders help businesses in the healthcare and life sciences sectors?
A: Rhode Island’s growing biomedical presence has created specialized lending expertise for health-related businesses. Several Rhode Island SBA lenders offer industry-specific loan packages designed for medical device manufacturers, digital health developers, specialized healthcare providers, and biotechnology companies. These lenders understand the unique regulatory considerations, capital needs, and growth trajectories of healthcare and life science businesses and can structure loans accordingly. Some Rhode Island lenders coordinate with organizations like the Rhode Island Commerce Corporation’s life sciences initiatives, the Warren Alpert Medical School of Brown University, and the Rhode Island Health Care Association to provide comprehensive support. These specialized lending programs have helped strengthen Rhode Island’s healthcare innovation ecosystem by financing businesses that complement the state’s academic medical centers and research institutions. From medical technology developers in Providence to specialized healthcare practices in Newport to biotechnology companies in the Knowledge District, these lenders have developed expertise in helping healthcare entrepreneurs navigate the complex healthcare landscape while developing sustainable business models. As healthcare continues evolving toward more personalized and preventive approaches, these lenders provide crucial capital that helps Rhode Island businesses participate in these innovations.
Q: Can food and beverage businesses in Rhode Island access specialized SBA financing?
A: Yes, Rhode Island’s vibrant food culture benefits from specialized SBA lending expertise. Several Rhode Island lenders offer tailored loan packages for restaurants, food manufacturers, craft beverage producers, and specialty food retailers. These lenders understand the unique operational considerations, equipment needs, and growth patterns of food businesses and can structure loans accordingly. Some Rhode Island SBA lenders coordinate with organizations like Hope & Main food incubator, the Rhode Island Food Policy Council, and the Rhode Island Hospitality Association to provide comprehensive support. These specialized programs have supported Rhode Island’s culinary reputation by financing businesses that showcase the state’s distinctive food traditions and agricultural bounty. From farm-to-table restaurants in Providence to craft breweries in Pawtucket to artisanal food producers in Warren, these lenders help finance the businesses that make Rhode Island a notable culinary destination. As the state’s food scene continues gaining national recognition, these lenders provide crucial capital that helps culinary entrepreneurs develop distinctive concepts that attract both locals and visitors while creating significant employment opportunities in this labor-intensive sector.
Q: How do Rhode Island SBA lenders support small-scale manufacturing and artisan production businesses?
A: Rhode Island’s manufacturing heritage has led to specialized lending approaches for small-scale producers. Several Rhode Island SBA lenders have developed programs specifically focused on financing small manufacturers, artisan producers, and maker businesses throughout the state. These lenders often coordinate with organizations like the Rhode Island Manufacturers Association, the Urban Manufacturing Alliance’s Rhode Island chapter, and manufacturing workspaces like The Steel Yard to provide comprehensive support. Some Rhode Island lenders offer specialized equipment financing options and flexible working capital solutions tailored to the needs of small-scale producers. These specialized lending programs align with Rhode Island’s manufacturing evolution by providing capital access that helps small producers leverage the state’s manufacturing expertise while developing distinctive products for contemporary markets. From jewelry makers continuing Providence’s legacy to textile artists in Pawtucket to specialized component manufacturers throughout the state, these lenders help finance diverse manufacturing ventures that combine traditional craftsmanship with modern business practices. As consumer interest in locally-made, artisanal products continues growing, these lenders provide crucial capital that helps Rhode Island’s makers scale their operations while maintaining their commitment to quality.
Q: Are there specialized SBA loan programs for Rhode Island’s technology and innovation businesses?
A: Yes, Rhode Island’s growing innovation economy has influenced local SBA lending practices. Several Rhode Island SBA lenders have developed expertise in financing software developers, digital service providers, clean technology companies, and other innovation-driven businesses. These lenders understand the unique growth patterns and capital needs of technology businesses and can structure loans accordingly. Some Rhode Island lenders coordinate with organizations like Rhode Island Commerce Corporation’s innovation initiatives, the Rhode Island Science & Technology Advisory Council, and incubators like Social Enterprise Greenhouse to provide comprehensive support. While early-stage startups typically rely on equity financing, SBA loans become viable options as technology companies reach revenue generation and scaling phases. These specialized lending programs have helped strengthen Rhode Island’s technology ecosystem by financing businesses that leverage the state’s educational institutions, quality of life advantages, and lower costs compared to nearby Boston. From software companies in Providence’s Knowledge District to clean energy innovators in South County to digital service providers throughout the state, these lenders help finance technology ventures that are creating high-value employment opportunities while diversifying Rhode Island’s economic base beyond its traditional industries.
Q: How do Rhode Island SBA lenders support minority-owned businesses and entrepreneurs in underserved communities?
A: Rhode Island’s diverse population has led to specialized lending approaches for businesses in historically underserved communities. Several Rhode Island SBA lenders have developed programs specifically focused on expanding capital access for entrepreneurs of color throughout the state. These lenders often coordinate with organizations like the Rhode Island Black Business Association, the Center for Southeast Asians, and the Rhode Island Hispanic Chamber of Commerce to provide culturally responsive support. Some Rhode Island lenders participate in the SBA Community Advantage program and other initiatives specifically designed to increase lending in underserved markets. These specialized lending programs align with Rhode Island’s commitment to inclusive economic development by providing targeted outreach, technical assistance, and financing structures that address the specific challenges minority entrepreneurs may face. From neighborhood-serving businesses in Providence’s diverse neighborhoods to innovative startups founded by entrepreneurs of color to manufacturing enterprises in historically industrial communities, these lenders help finance diverse business ventures that strengthen local economies while creating pathways to wealth creation in communities that have historically faced barriers to capital access.
Q: How do Rhode Island SBA lenders support businesses in the tourism and hospitality sectors?
A: Rhode Island’s appeal as a visitor destination has created specialized lending expertise for tourism businesses. Several Rhode Island SBA lenders offer industry-specific loan packages designed for hotels, restaurants, attractions, tour operators, and event venues from Newport’s historic waterfront to Providence’s urban core to South County’s beaches. These lenders understand the seasonal nature of tourism in Rhode Island and can structure loans with flexible payment schedules aligned with visitor patterns. Some Rhode Island lenders coordinate with organizations like the Rhode Island Tourism Division, the Rhode Island Hospitality Association, and regional chambers of commerce to provide comprehensive support. These specialized lending programs have helped strengthen Rhode Island’s position as a distinctive destination by financing businesses that enhance visitor experiences throughout the state’s compact but diverse regions. From boutique hotels in Newport to restaurants in Providence to coastal attractions in Narragansett, these lenders have developed expertise in financing hospitality concepts that showcase Rhode Island’s unique character while creating significant employment opportunities in communities that benefit from visitor spending. As competition for tourism dollars intensifies regionally, these lenders provide crucial capital that helps Rhode Island businesses develop compelling offerings that attract visitors year-round.
Q: How do Rhode Island SBA lenders support women-owned businesses and female entrepreneurs?
A: Rhode Island’s strong tradition of female entrepreneurship has influenced local SBA lending practices. Several Rhode Island SBA lenders have developed specialized programs focused on expanding capital access for women entrepreneurs throughout the state. These lenders often coordinate with organizations like the Center for Women & Enterprise, the Rhode Island Women’s Business Center, and women’s business networks to provide comprehensive support tailored to women business owners’ needs. Some Rhode Island lenders participate in SBA programs specifically designed to increase lending to women-owned businesses and may offer specialized mentoring and networking opportunities alongside financing. These specialized lending programs align with Rhode Island’s above-average rate of female entrepreneurship by providing targeted outreach and financing structures that address the unique challenges women business owners may face. From professional service firms to retail operations to manufacturing enterprises, these lenders help finance diverse business ventures led by women entrepreneurs who contribute significantly to Rhode Island’s economic vitality. As women continue launching and scaling businesses across sectors from healthcare to technology to creative industries, these lenders have developed expertise in helping female entrepreneurs access the capital needed to grow their businesses and create economic opportunities throughout Rhode Island’s communities.
Q: What other resources are available for SBA loans?
A: Other resources provided by Bigger Bottom Line include:
Q: How do I get assistance in getting an SBA or other business loan?
A: Contact the experts! We can assist from advising which lenders to submit to all the way through to developing & submitting a complete business loan package and anything in between. Contact us now for a free evaluation.