WEST WARWICK – Centreville Bank recently made an $800,000 financing deal with a pair of restaurateurs who are expanding in Newport.
The deal comprised three credit facilities: two U.S. Small Business Administration loans totaling $540,000 and a $260,000 term loan for working capital. The deal was made with Chris Bender and David Crowell, owners of the Stoneacre Pantry and La Vasca restaurants in Newport.
“Owners Chris Bender and David Crowell are great restaurateurs with an excellent clientele,” said Sara Hiebner, vice president of commercial lending at Centreville. “Working with resources available through the SBA, we were able to help them realize their expansion goals.”
The funds will help Stoneacre Pantry relocate to a larger location at 28 Washington Square and open a second restaurant at its previous location at 515 Thames St.
“Working closely with Centerville Bank allowed us to fully grasp the options that were available to us,” Bender said. “Sara's understanding of the dynamics of the Newport business community and our unique needs as a client, were among the top factors in making this project possible."