BankNewport Named Top SBA 504 Third-Party Lender in Rhode Island for Fiscal Year 2020
NEWPORT, R.I. (February 8, 2021) – BankNewport was recently recognized by the Small Business Administration’s Rhode Island district office as the top 504 3rd Party Lender of the Year for Fiscal Year 2020 during a virtual presentation. BankNewport has earned this distinction nine out of the last ten years.
“We are proud to receive this designation from the SBA; it’s a true testament to BankNewport’s dedication to serving the community and our team’s expertise and commitment to this product,” said Ken Burnett, Senior Vice President, Director of Commercial Relationships at BankNewport. “We are humbled to have the privilege of providing a path to success for small businesses in Rhode Island, and even more so during a year as challenging as 2020.”
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, 2020. The Bank originated 25 SBA 504 loans totaling over $27 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.
“I would like to congratulate BankNewport for being named the 504 3rd Party Lender of the Year for Fiscal Year 2020,” said SBA District Director Mark S. Hayward. “For nine out of the last ten years, BankNewport has been the top 504 3rd Party lender for the state of Rhode Island, which is a tremendous accomplishment. It is a testament to BankNewport’s ability to consistently answer the call of small business needs in the state, as well as the dedication and hard work of the team there,” he added.
BankNewport was also named one of the top lenders in Rhode Island under the SBA 7(a) loan program, with seven loans totaling $984,000 during the 2020 fiscal year. The 7(a) loan program helps start-up and existing small businesses obtain financing for which they otherwise might not be eligible.
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. With $2.0 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. BankNewport has 17 branch locations, with commercial lending offices in Cumberland and Providence. -more- BankNewport business lines include OceanPoint Marine Lending, specializing in consumer marine and recreational vehicle financing programs, and OceanPoint Insurance, a Trusted Choice independent insurance agency, providing a broad range of property casualty insurance products, including employee benefits and marine related insurance products.