PROVIDENCE — The U.S. Small Business Administration has named Bristol County Savings Bank, which recently opened a loan office in Warwick, as the Fiscal Year 2018 Rhode Island 7(a) Dollar Volume Lender of the Year.
Throughout fiscal year 2018, Bristol County Savings bank approved 8 loans for over $6.7 million using the SBA’s 7(a) loan program, according to a SBA release.
“Bristol County Savings Bank has done an excellent job advancing the growth of small businesses in Rhode Island,” said SBA District Director, Mark S. Hayward. “they approved 8 loans for over $6.7 million, the highest dollar volume amount of any 7(a) lender. While quantity of loans is important, ensuring small businesses have the capital they need to succeed is as important, if not more so,” he added.
A 7(a) loan is a loan of up to $5 million that can be used for anything from working capital, to purchasing an existing business, to leasehold improvements and more. The SBA will guarantee 85 percent of loans $150,000 or less, and guarantee 75% for loans over $150,000. In fiscal year 2018 there were a total of 339 7(a) loans made to small businesses in Rhode Island for over $58 million, according to the SBA.
“We are very proud and grateful to be named Rhode Island’s 7(a) Dollar Volume lender of the Year, said John Silva, Executive Vice President of Commercial Lending for Bristol County Savings bank. “Receiving this honor demonstrates the bank’s commitment to RI in supporting the growth and expansion of its Small Businesses and local communities. This achievement is particularly rewarding in 2018 as we have expanded our presence in the State this year with the opening of a Warwick Loan Office and have plans to increase that investment going forward.”
The 504 Loan Program provides small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. 504 loans are made available through SBA approved Certified Development Companies (CDCs), SBA’s community based partners for providing 504 Loans. In fiscal year 2018, there were a total of 62 ‘504’ loans made to small businesses in Rhode Island for over $32 million.