BankNewport Named Top SBA 504 Third-Party Lender in Rhode Island for Fourth Consecutive Year
Fiscal Year 2021 Title is BankNewport’s 10th in 11 Years
NEWPORT, R.I. (February 14, 2022) – 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 2021. BankNewport has earned this distinction for four consecutive years, and 10 of the last 11 years.
“We are proud to receive this designation from the SBA once again,” said Ken Burnett, Senior Vice President, Director of Commercial Relationships at BankNewport. “From the executive team to our loan officers, BankNewport is dedicated to serving the community, and our expertise and commitment to this product, as well as the SBA 7(a) loan program allows us the opportunity to provide a path to success for small businesses throughout Rhode Island.”
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, 2021. The Bank originated 14 SBA 504 loans totaling over $5.6 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.
“The SBA is pleased to award the Third Party Lender of the Year annual award for FY 2021 to BankNewport. Their commitment to the small business community in Rhode Island has helped so many local businesses survive and grow during the pandemic,” said SBA District Director Mark S. Hayward. “The SBA is proud to have such a great lending partner in BankNewport, and I applaud their entire team’s work over the past year to help local entrepreneurs gain access to capital that is vital to their success,” he added.
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. BankNewport is one of the longest-standing 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 18 branch locations, with commercial lending offices in Cumberland and Providence.
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.