BankNewport received the Rhode Island 504 Lender of the Year award at an event sponsored by the Rhode Island District Office of the U.S. Small Business Administration (SBA) and the Center for Women & Enterprise on October 26, 2018.
BankNewport ranked number one among all banks in Rhode Island in the number of loans originated through the U.S. Small Business Administration’s 504 loan program during the federal fiscal year that ended September 30, 2018. BankNewport has led the state in this category in years past, also receiving this award in fiscal years 2000 through 2016.
BankNewport originated 18 SBA 504 loans totaling over $5.7 million for small businesses. The SBA 504 program provides up to 90 percent financing for the purchase of long-term fixed assets, such as commercial real estate, buildings and equipment.
BankNewport was also named one of the top lenders in Rhode Island under the SBA 7(a) loan program, with 12 loans totaling over $1 million during the 2018 fiscal year. The 7(a) loan program helps start-up and existing small businesses obtain financing for which they otherwise might not be eligible.
“Our BankNewport team is extremely proud to be recognized as the Top SBA 504 Lender in Rhode Island,” said Kenneth Burnett, BankNewport Senior Vice President, Director of Commercial Relationships. “Being a proactive partner that helps small businesses expand, create jobs, and thrive is our commitment as a community bank. We thank the Rhode Island SBA District Office for their continued support and shared focus on the economic growth of our local communities.”
“President Sandra Pattie and her team at BankNewport continue to see the value of SBA’s 504 Program, or as we call it “the window to Wall Street,” said SBA District Director, Mark S. Hayward. “This program is a great advantage for small businesses to access the capital they need at reasonable rates, and BankNewport’s ongoing commitment to this program is to be commended.”
BankNewport’s involvement in both the SBA 504 and 7(a) programs significantly impacted small business lending in Rhode Island. Without the Bank’s participation in the eighteen 504 projects, the SBA portion would not have occurred. The $4.1 million in SBA debentures combined with BankNewport’s involvement supported $9.6 million in total capital for the 18 businesses. With the addition of the $1 million in 7(a) loan approvals, BankNewport’s participation with the SBA resulted in over $11 million in capital being made available to Rhode Island small businesses.
BankNewport SBA Photo A (left to right): SBA Regional Administrator, Wendell G. Davis; BankNewport Executive Vice President and Chief Operating Officer, Leland R. Merrill, Jr.; SBA District Director, Mark S. Hayward
BankNewport SBA Photo B (left to right): BankNewport Vice President/Assistant Manager Commercial Lending, Paul DiSanto; Senior Vice President/Business Banking Group, Christopher Sheehan; Vice President/Commercial Loan Officer, Thomas May; Vice President/ Commercial Loan Officer, Keith Lavimodiere; Vice President/Business Development Officer/Merchant Service Manager, Nina Luchka; Vice President/Commercial Loan Officer, Sean McIntyre; Vice President/Commercial Loan Officer, Thomas Beauchene and Senior Vice President/Director of Commercial Relationships, Kenneth Burnett.
Founded in 1819 and headquartered in Newport, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island. In addition, OceanPoint Insurance Agency, Inc., a subsidiary of BankNewport, offers a broad range of property casualty insurance products and a full array of financial services. With 16 banking offices and $1.6 billion in assets, BankNewport is one of the oldest community banks in the United States and, as a mutual organization, is committed to the financial success of its customers, employees and communities. For more information, visit www.BankNewport.com.