Lending data
Who actually lends to wholesale businesses in Rhode Island?
31 SBA 7(a) loans went to wholesale businesses in Rhode Island recently, at a median of $195,000. Here are the lenders that made them, ranked.
31 SBA 7(a) loans went to wholesale businesses in Rhode Island in the most recent fiscal years. The median was $195,000 over 10 years. The most active lender was BankNewport, with 4 loans.
What lending to wholesale businesses 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 | Wholesale trade, Rhode Island | All 7(a) borrowers |
|---|---|---|
| Loans approved | 31 | 214,102 |
| Median loan | $195,000 | $150,000 |
| 25th - 75th percentile | $100,000 - $500,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 10.00% | 10.25% |
| Share to startups | 19.4% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 6.8% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to wholesale businesses 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 |
|---|---|---|---|---|
| BankNewport | 4 | $75,000 | 0% | 12.00% |
| Eastern Bank | 3 | $250,000 | 0% | 8.00% |
| TD Bank | 3 | $195,000 | 0% | 13.00% |
| Beacon Bank and Trust | 3 | $1,000,000 | 0% | 8.07% |
| Bristol County Savings Bank | 3 | $500,000 | 33% | 8.50% |
| Customers Bank | 2 | $563,500 | 0% | 9.25% |
| Celtic Bank Corporation | 2 | $150,000 | 0% | 10.50% |
| Live Oak Banking Company | 2 | $227,500 | 100% | 9.38% |
What stands out in this market
Reading the figures above against the national picture:
- Loans here run larger than average. The median of $195,000 is 30% 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.
- This is a hard market for new businesses. Only 19% of these loans went to startups, against 34% nationally. If you are pre-revenue, work from the startup table below rather than the main list.
- No single lender dominates, but the top three made 32% of these loans, so the shortlist below covers most of the active market.
Which of them lend to new businesses
Of those loans, 19.4% 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 |
|---|---|---|---|---|
| Live Oak Banking Company | 2 | $227,500 | 100% | 9.38% |
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
- Wholesale in comparable states: New Mexico, Hawaii, Delaware, Kentucky, Kansas, Nebraska