Lending data
Who actually lends to manufacturers in Rhode Island?
53 SBA 7(a) loans went to manufacturers in Rhode Island recently, at a median of $225,000. Here are the lenders that made them, ranked.
53 SBA 7(a) loans went to manufacturers in Rhode Island in the most recent fiscal years. The median was $225,000 over 10 years. The most active lender was Eastern Bank, with 8 loans.
What lending to manufacturers in Rhode Island actually looks like
Every figure on this page is computed from SBA 7(a) loan-level FOIA data released 2026-06-30. It reflects loans that were actually approved, not rate cards or advertised ranges.
| Measure | Manufacturing, Rhode Island | All 7(a) borrowers |
|---|---|---|
| Loans approved | 53 | 214,102 |
| Median loan | $225,000 | $150,000 |
| 25th - 75th percentile | $82,500 - $500,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.00% | 10.25% |
| Share to startups | 35.8% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 9.7% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to manufacturers in Rhode Island. This is the list worth working from, because a lender that has funded dozens of businesses like yours in your state has seen your file before.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Eastern Bank | 8 | $212,500 | 38% | 8.25% |
| BankNewport | 8 | $27,000 | 25% | 11.62% |
| Beacon Bank and Trust | 7 | $100,000 | 29% | 10.00% |
| TD Bank | 3 | $25,000 | 33% | 11.50% |
| Webster Bank | 3 | $200,000 | 0% | 9.75% |
| Newtek Bank | 3 | $250,000 | 33% | 11.50% |
| Community Investment Corporation | 2 | $268,250 | 100% | 11.38% |
| Bristol County Savings Bank | 2 | $2,675,000 | 0% | 9.00% |
| Citizens Bank | 2 | $326,750 | 100% | 9.03% |
| First Internet Bank of Indiana | 2 | $895,000 | 100% | 10.00% |
What stands out in this market
Reading the figures above against the national picture:
- Loans here run larger than average. The median of $225,000 is 50% above the $150,000 national median. Expect lenders in this market to be geared toward bigger deals, and expect a small request to get less attention.
- Startup share is about average, at 36% against 34% nationally.
- No single lender dominates, but the top three made 43% of these loans, so the shortlist below covers most of the active market.
- Lenders have been burned here before. 9.7% of loans to this market from the FY2010-2019 cohorts were charged off, against 7.1% overall. That history is why underwriting in this sector is tighter than the numbers alone would suggest — it is not personal.
Which of them lend to new businesses
Of those loans, 35.8% went to businesses the SBA classes as startups — new, under two years old, or opening with the proceeds. These are the lenders in this market that actually wrote them.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Eastern Bank | 3 | $212,500 | 38% | 8.25% |
| Beacon Bank and Trust | 2 | $100,000 | 29% | 10.00% |
| Community Investment Corporation | 2 | $268,250 | 100% | 11.38% |
| BankNewport | 2 | $27,000 | 25% | 11.62% |
| Citizens Bank | 2 | $326,750 | 100% | 9.03% |
| First Internet Bank of Indiana | 2 | $895,000 | 100% | 10.00% |
How to use this
- Shortlist three lenders from the table whose median loan is close to what you need.
- Ask each whether they are a Preferred Lender and how many 7(a) loans they closed last year. See choosing an SBA lender.
- Check your coverage first with the affordability calculator so you ask for a number the cash flow supports.
- Assemble the package before you call. The document checklist is the single biggest thing you control.
Compare other markets
- Other sectors in Rhode Island: construction, restaurants and hotels, retail, personal services, professional services, healthcare
- Manufacturing in comparable states: New Mexico, Vermont, Nebraska, Arkansas, Montana, Mississippi