NEWPORT – Oliver Hazard Perry Rhode Island is the designated beneficiary of BankNewport’s new boat-loan program launched this month that is aimed to help build the SSV Oliver Hazard Perry which seeks to be Rhode Island’s education-at-sea tall ship.
Through Dec. 31, for each customer boat loan of $100,000 or more originated at BankNewport, the bank will donate $250 to the nonprofit organization. A $100 donation will be made for each loan less than $100,000.
“BankNewport is proud of its long partnership with the Oliver Hazard Perry Rhode Island organization,” said Leland R. Merrill Jr., executive vice president, commercial lending. “We commend their unwavering commitment to construct this sailing vessel, a significant economic development, educational, and cultural benefit for Newport and the state.”
BankNewport previously granted OHPRI a total of $35,000 for its efforts. OHPRI, as of January, has raised almost $5 million of the $7.4 million it says is needed to get the ship in working condition.