BankNewport Vice President/Commercial Loan Officer, Thomas Beauchene; BankNewport Vice President/Assistant Manager Commercial Lending, Paul DiSanto; BankNewport Vice President/Commercial Loan Officer, Thomas May; BankNewport Senior Vice President/Manager, Business Banking Group, Christopher Sheehan; BankNewport Vice President/Commercial Loan Officer, Sean McIntyre; BankNewport Vice President/Business Development Officer/Merchant Service Manager, Nina Luchka; BankNewport Vice President/ Business Development Officer, Adam Duclos; BankNewport Senior Vice President/Director of Commercial Relationships, Kenneth Burnett; BankNewport Vice President/Business Development Officer, Steven Carneiro; and SBA District Director, Mark S. Hayward.
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 November 15, 2019.
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, 2019. BankNewport has led the state in this category in years past, also receiving this award in 2018 and in fiscal years 2000 through 2016.
BankNewport originated 13 SBA 504 loans totaling over $4 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 seven loans totaling $885,000 during the 2019 fiscal year. The 7(a) loan program helps start-up and existing small businesses obtain financing for which they otherwise might not be eligible.
“BankNewport is extremely proud to be recognized as the Top SBA 504 Lender in Rhode Island,” said BankNewport Senior Vice President, Director of Commercial Relationships, Kenneth Burnett. “The 504 program is a win-win for the borrower, the lending institution, and the community where the small business is located. We thank the Rhode Island SBA District Office for their ongoing support in helping small businesses throughout our State to grow and prosper.”
“The SBA is pleased to have such a great partner like BankNewport in the lending community,” said SBA District Director Mark S. Hayward. “President Sandra Pattie and her team are a great resource and partner for local small businesses as they look for the access to capital they need to start and grow. BankNewport’s commitment to the 504 program in particular helps these business thrive here in the Ocean State.”
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 thirteen 504 projects, the SBA portion would not have occurred. The $3.2 million in SBA debentures combined with BankNewport’s involvement supported $8 million in total capital for the 13 businesses. With the addition of the $885,000 in 7(a) loan approvals, BankNewport’s participation with the SBA resulted in additional capital being made available to Rhode Island small businesses to grown and expand.