HarborOne Bank Named #1 Small Business lender in Rhode Island
November 29, 2021
(Providence, RI) – November 29, 2021 – Small businesses across Rhode Island turned to HarborOne for help during one of the most trying years for business in decades.
For the third year in the last four, HarborOne Bank was named a U.S. Small Business Administration (SBA) top lender in the state.
“It is an honor to be recognized for helping small businesses not only survive, but to grow and thrive in these tremendous challenging times,” said James Blake, CEO at HarborOne Bank. “Small businesses are the foundation of the Rhode Island economy – when we help them to succeed, we help families, communities, and Rhode Island, to succeed.”
In 2021, HarborOne made 32 SBA 7a loans, the most in the state, to Rhode Island small companies, totaling nearly $15 million in approved funds. Along with the 7A loans, the bank also made 4 SBA 504 Loans, totaling over $3 million, which are typically used for fix asset purchases.
“The SBA applauds the hard work done by HarborOne Bank during this past fiscal year,” said SBA District Director Mark S. Hayward. “Their efforts to support the local small business community during very difficult times helped keep businesses open, and in many cases thriving. We look forward to another strong year partnering with HarborOne in FY 2022,” he added.
At the close of the fiscal year, which ran from October 1, 2020, to September 30, 2021, a total of 181 SBA 7a loans had been approved in Rhode Island by 40 different lenders, totaling over $105 million.
HarborOne acquired Rhode Island’s Coastway Community Bank in 2018.
About HarborOne Bank
HarborOne Bank, headquartered in Massachusetts, serves the financial needs of consumers, businesses, and municipalities throughout Massachusetts and Rhode Island through a network of 30 full-service banking centers and commercial loan offices.
The Bank also provides a range of educational resources through “HarborOne U,” with free digital content, webinars, and recordings for small business and personal financial education. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, provides mortgage lending services throughout New England and other states.