Small business loans in Providence, RI
Short answer
The most active SBA lenders in Providence, RI since FY2024 are BankNewport (15 loans) and TD Bank (12). The median loan was $100,000, and half fell between $50,000 and $250,000. For free help, see the Rhode Island Small Business Development Center. Source: SBA 7(a) loan data.
- SBA loans since FY2024
- 97
- approved since FY2024
- $22.46M
- median loan
- $100,000
- through SBA Express
- 71.1%
Lenders making SBA loans in Providence
No lender made more than 15% of the loans in Providence, and BankNewport made the most. The five largest lenders together made 57%.
| Lender | Loans | Share |
|---|---|---|
| BankNewport | 15 | 15.5% |
| TD Bank | 12 | 12.4% |
| Eastern Bank | 10 | 10.3% |
| Beacon Bank and Trust | 9 | 9.3% |
| Webster BankCharter ended | 9 | 9.3% |
Share is the percent of all Providence loans in that period. Each name links to that lender's page for Rhode Island where one exists.
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Local help near Providence
Providence borrowers can start with SBA's district office for Rhode Island, an SBDC or SCORE.
23% of Providence borrowers since FY2024 were startups or businesses two years old or younger. SBDCs provide counseling and training, and SCORE mentors give advice at no cost, according to SBA.
SBA has one district office for Rhode Island. Its page points to state and federal resources and to lenders in the area. The Rhode Island Small Business Development Center gives free counseling across Rhode Island.
- SBA Rhode Island District OfficeSBA district office
- Rhode Island Small Business Development CenterSmall Business Development Center
- SCORE mentors in Rhode IslandBusiness mentoring
Alongside SBA loans, Rhode Island runs three loan programs. The Rhode Island page describes each, and the official pages are linked here.
Loan counts and sizes in Providence
Providence ranks 1st by loans since FY2024 among the 3 Rhode Island cities with 100 or more SBA loans since FY2020. Nationally it is the 222nd busiest of the 580 cities that reach 100 loans.
The 97 loans, 15.5% of the 624 in Rhode Island, were approved for $22.5 million in all. The medianThe middle figure. Half the loans were larger and half were smaller. loan was $100,000, 33% below the national median of $150,300. Half of the loans fell between $50,000 and $250,000. The Rhode Island median is $100,000.
| Measure | Providence | Rhode Island | U.S. |
|---|---|---|---|
| Loans | 97 | 624 | 162,355 |
| Median loan | $100,000 | $100,000 | $150,300 |
| 25th percentile | $50,000 | $50,000 | $50,000 |
| 75th percentile | $250,000 | $253,800 | $500,000 |
| Via SBA Express | 71.1% | 61.4% | 35.8% |
| Lines of credit | 51.5% | 44.9% | 28.1% |
| Startups | 5.2% | 10.1% | 16.1% |
| Ownership changes | 5.2% | 8.0% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 2.75 | 2.75 | 2.75 |
| Charged off | 8.8% | 2.5% | 3.6% |
A quarter of loans were smaller than the 25th percentile loan and a quarter were larger than the 75th. Median spread is in percentage points over Prime. Charged off is the share of FY2020 to FY2022 loans a lender wrote off as a loss. It is shown only for groups of 30 loans or more. Fewer than 5 marks a share that would stand for 1 to 4 loans, which we do not publish. U.S. covers every loan in the file.
93% of the loans were $500,000 or less, the size SBA Express covers. 71.1% of all loans went through SBA Express, above the national 35.8%. Lines of credit were 51.5% of loans, above the national 28.1%.
Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.
By business age, 72.2% of loans went to businesses more than two years old and 17.5% to businesses two years old or younger. Startups received 5.2% and changes of ownership 5.2%. The national startup share is 16.1%.
Fiscal years run October to September. The last bar covers nine of its twelve months.
Volume rose 8% from FY2024 (38 loans) to FY2025 (41), the two latest full years. The busiest full year in the file was FY2025, with 41 loans. FY2026 already shows 18 loans through June 30.
Of the 57 loans Providence borrowers received in FY2020 to FY2022, 8.8% were charged offThe lender wrote the loan off as a loss because it was not being repaid. by June 30, 2026, against 3.6% nationally. That group is small, so treat the rate as rough. Lenders reported 575 jobs supported across the 97 loans since FY2024, about 5.9 per loan. SBA does not audit these estimates.
What businesses in Providence borrow for
Supermarkets and Other Grocery Retailers (except Convenience Retailers) was the largest borrower group in Providence, with 7 loans or 7.2% of the total.
| Industry | Loans | Share | U.S. share |
|---|---|---|---|
| Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 7 | 7.2% | 0.6% |
| Full-Service Restaurants | 6 | 6.2% | 4.6% |
Share is the percent of all Providence loans in that period. Industry is the NAICS code on each loan. A name links to the Rhode Island page for that industry where one exists.
A typical loan payment in Providence
The median Providence loan was $100,000 with a median term of 10 years.
The median variable-rate loan in Providence was priced at Prime plus 2.75 percentage points at approval. At today's Prime that spread works out to 9.75%. On $100,000 over 10 years, principal and interest would come to about $1,308 a month. That is arithmetic on past loans, not a rate a lender is offering.
| Loan | Amount | Monthly payment |
|---|---|---|
| 25th percentile loan | $50,000 | $654 |
| Median loan | $100,000 | $1,308 |
| 75th percentile loan | $250,000 | $3,269 |
Principal and interest only. Fees, a different term or a fixed rate change the payment. This is an illustration from SBA's file, not an offer.
SBA's rate ceiling for this loan size
SBA's maximum for a loan of $100,000 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 3.2 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).
Providence loans approved since FY2024 had a median starting rate of 10.25% at approval, matching the national median. Prime changed during those years, so use the spread above, not that rate, as the guide to today's cost.
Run your own numbers: payments on a $100,000 loan and SBA Express payment calculator.
SBA 504 loans near Providence
Providence has 10 SBA 504 loans since FY2024, with $7.7 million in SBA and CDC dollars.
The median 504 loan in Providence was $623,500 in SBA and CDC dollars, 12% of the $5,000,000 program maximum. The bank's share of each project is separate and is not counted in these figures.
Ocean State Business Development Authority is the Certified Development CompanyA nonprofit that SBA certifies and regulates to arrange 504 loans together with a bank. (CDC) named on the most loans since FY2020, with 15. New England Certified Development Corporation follows with 7. The three CDCs listed are named on 27 loans between them.
| Certified Development Company | 504 loans |
|---|---|
| Ocean State Business Development Authority | 15 |
| New England Certified Development Corporation | 7 |
| Bay Colony Development Corporation | 5 |
How a 504 loan is split
A standard 504 project is 50% third party lender, 40% CDC debenture, 10% borrower. 504 money pays for major fixed assets such as land, buildings and long-term machinery and equipment, not working capitalMoney for day-to-day costs such as payroll, rent and inventory. Full definition or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a list of Certified Development Companies.
Rhode Island cities near Providence
Providence made up 15.5% of Rhode Island's SBA loans since FY2024.
Providence is one of 3 Rhode Island cities with 100 or more SBA loans since FY2020. The Rhode Island page covers all 624 loans in Rhode Island. The closest come first, ranked by county and ZIP code on their loans.
Common questions about SBA loans in Providence
Which lenders make the most SBA loans in Providence?
BankNewport leads with 15 loans in Providence since FY2024. TD Bank (12) and Eastern Bank (10) follow. Only lenders with five or more Providence loans are counted.
Which industries get SBA loans in Providence?
Supermarkets and Other Grocery Retailers (except Convenience Retailers) leads with 7 loans in Providence since FY2024. Full-Service Restaurants (6) follows.
How to read this
Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Location is the borrower's address in the file, and city names are as SBA recorded them. Recent means FY2024 through June 30, 2026. Charge-off rates use FY2020 to FY2022 loans, the only years old enough to have had time to go bad. Jobs supported are lender-reported estimates. How we build these pages.
Sources
- SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026
- SBA, 504 loans
- SBA, resource partners: SBDCs and SCORE
- SBA Rhode Island District Office
- Rhode Island Small Business Development Center
- SCORE, Rhode Island
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)
- sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)
- SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)
- 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)
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Cite this page: Small business loans in Providence, RI. SBA Express Loans, Janover Capital LLC (data as of June 30, 2026). https://www.sbaexpress.loans/rhode-island-small-business-loans/providence/
Ask lending partners about a loan in Providence
Tell us what you need and we refer your request to lending partners.
Janover Capital LLC is not a lender and is not the SBA. The lender makes the credit decision. A lender or marketplace may pay us a referral fee if we connect you, at no cost to you. Advertiser disclosure.