South Kingstown Small Businesses Secure 18 Loans

From SBA RI: The U.S. Small Business Administration announced its Rhode Island lending numbers for fiscal year 2017. South Kingstown ranked fifth overall in SBA lending amongst cities and towns, securing 18 SBA loans for over $6.3 million, a 20% increase in loans and a 10.4% increase in dollar volume compared to fiscal year 2016.

During FY17 SBA lending bolstered 414 loans, totaling $131,899,940 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 $29 thousand.

A breakdown of South Kingstown small businesses who secured loans by North American Industry Classification System (NAICS) code showed an eclectic mix including Household Appliance Stores; Pharmacies and Drug Stores; Electrical Contractors; All Other Amusement and Recreation Industries; Offices of Dentist; and more.

“Ensuring those in the small business community have access to capital is our main objective”, said SBA Regional Administrator (A) and 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” he added.

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% increase in dollar amount from the year prior.

For more information or questions on loan eligibility visit our website at www.sba.gov/ri or contact Ryan Brissette at ryan.brissette@sba.gov, 401-528-4630.

Image Courtesy of SBA