WEST WARWICK – Centreville Bank recently provided $1.6 million in financing for a dog-grooming and daycare business in Mansfield.
The West Warwick-based bank made the deal with the Red Dog Inn and Resort, helping Steven and Eliza Beringhause purchase the company. The deal was made in partnership with the U.S. Small Business Administration’s 504 loan program.
“Steven and Eliza had been customers of Red Dog Inn for many years,” explained Sara Hiebner, vice president of commercial lending at Centreville. “Even after moving from Massachusetts to Providence, their trust in the company and its employees was so great that they continue bringing their dog there.”
When the previous owner decided to retire, the Beringhauses jumped at the opportunity to purchase the business, added Hiebner.
The company, founded in 1970, offers grooming and daycare services for dogs, along with boarding facilities for dogs and cats. It employs 34 people and is staffed 24/7.
“We are so fortunate that the wonderful employees have stayed with us, and together we are building on what we all love about the Red Dog Inn and Resort,” said Eliza Beringhause, president.