SBA 7(a) Auto Repair Shop Feasibility Study in Rhode Island

Rhode Island automotive mechanical repair lending in SBA's records

In Rhode Island, SBA 7(a) approved 46 loans in the automotive mechanical repair class. Across FY2017 to FY2026 in Rhode Island that came to $7.1 million gross. Counting automotive mechanical repair loans, Rhode Island ranks 39 across states for automotive mechanical repair under this program, and automotive mechanical repair sits 3 of 39 among Rhode Island classes. A median of $75,000 is 0.42x of the national automotive mechanical repair median under SBA 7(a), so Rhode Island runs below the norm. For automotive mechanical repair in Rhode Island, the middle half spans $50,000 to $150,000, and franchise flags mark 6.5% of Rhode Island automotive mechanical repair loans.

Who holds the automotive mechanical repair loans, and where

The largest named automotive mechanical repair holder in Rhode Island is Eastern Bank: 8 loans worth $508,000; behind it Santander Bank, National Association, 7 loans ($1.6 million); Citizens Bank, National Association, 6 loans ($613,400). Holders in Rhode Island are those SBA currently lists. The Rhode Island automotive mechanical repair county count starts with Providence at 25, Washington at 11, Kent at 7, Newport at 2, Bristol at 1.

Timing of Rhode Island approvals

The Rhode Island automotive mechanical repair calendar shows 5 loans ($355,000) in FY2019, then in Rhode Island 4 in FY2020 ($238,000), and in Rhode Island 2 in FY2021 ($821,900), 6 in FY2023 ($1.4 million) and 3 in FY2024 ($185,000) against Rhode Island's peak of 8 in FY2017.

Automotive mechanical repair cancel and charge-off floors

In Rhode Island, approval did not always mean a automotive mechanical repair loan: of FY2017 to FY2024 Rhode Island approvals, at least 13.9% ended in Rhode Island cancellation, with 13.9% the ceiling if undisbursed automotive mechanical repair loans are added. The automotive mechanical repair cohort funded in Rhode Island is too small, so Rhode Island holds no stable charge-off rate for automotive mechanical repair loans in Rhode Island funded FY2017 to FY2021; Rhode Island withholds the rate, and Rhode Island lenders should not read it as zero.

Repair shops in Rhode Island: what a study tests

An auto repair loan rests on bay count, technician supply and the car population in reach. A Rhode Island study should count competing shops and dealer service departments, estimate billable hours per bay and the labour needed to deliver them, and show parts and equipment cost against loans centred near $75,000. Because Rhode Island is compact and dense, trade-area boundaries and parking need care. Coverage should be shown through a slow start, and an appraiser will want to know who else could use the building if the shop closed.

Rhode Island garages: what the class excludes

Truck service rides in the same code as car repair, while collision, glazing and lube shops belong to other classes. A Rhode Island shop in those trades falls outside these totals; the class was renamed after review without changing its membership.