Warwick ranks second in state in small business lending

Posted 11/14/17

The U.S. Small Business Administration announced its Rhode Island lending numbers for fiscal year 2017. Warwick ranked second overall in SBA lending amongst cities and towns, securing 45 SBA loans for over $13.4 million, a 77 percent increase in dollar

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Warwick ranks second in state in small business lending

Posted

The U.S. Small Business Administration announced its Rhode Island lending numbers for fiscal year 2017. Warwick ranked second overall in SBA lending amongst cities and towns, securing 45 SBA loans for over $13.4 million, a 77 percent increase in dollar volume compared to fiscal year 2016.

During FY17, SBA lending produced 414 loans, totaling $131,899,940 throughout the state from 50 different lending institutions, including four Certified Development Companies and three Certified SBA Micro lenders. Total breakdowns of loans include 351 7(a) loans for $60.2 million; 51 504 loans for $71.3 million; and 12 micro loans totaling $290,000.

A breakdown of Warwick small businesses who secured loans by North American Industry Classification System (NAICS) code showed an eclectic mix including plumbing, heating, and air-conditioning contractors; sporting and recreational goods wholesalers; offices of mental health practitioners; automotive body, paint and interior repair shops; and more.

“Ensuring those in the small business community have access to capital is our main objective”, said SBA Regional Administrator (A) and Rhode Island District Director, Mark S. Hayward. “These numbers show a growing number of lending institutions using SBA programs and in turn demonstrates that now more than ever small business owners have the access to the funds they need.”

The top five cities and towns in lending volume were: Providence (72 loans for $23.5 million), Warwick (45 loans for $13.5 million), Cranston (23 loans for over $4.8 million), Johnston (20 loans for over $2.4 million), South Kingstown (18 for over $6.3 million). Other municipality statistics of note would include West Greenwich, which finished the year with 9 loans for $9.9 million, a 480 percent increase in dollar amount from the year prior.

For more information or questions on loan eligibility visit www.sba.gov/ri or contact Ryan Brissette at ryan.brissette@sba.gov or 528-4630.

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