(Photo – (L-R) SBA Regional Administrator, Wendell G. Davis; Executive Vice President and Chief Operating Officer of BankNewport, Leland R. Merrill, Jr.; SBA District Director, Mark S. Hayward)
Providence, RI – The U.S. Small Business Administration has named BankNewport the Fiscal Year 2018 Rhode Island 504 3rd Party Lender of the Year. Throughout the fiscal year 2018, BankNewport approved 18 loans for over $5.7 million using the SBA’s 504 loan program, twice as many as the next highest 504 lender in Rhode Island.
“BankNewport has done an excellent job advancing the growth of small businesses in Rhode Island,” said SBA District Director, Mark S. Hayward. “this year they approved 18 loans that will allow small businesses to grow and expand their facilities, refinance their debt, and purchase the machinery they need to get to the next level,” he added.
The 504 Loan Program provides small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. 504 Loans are typically structured with SBA providing 40% of the total projects cost through a Certified Development Company (CDC), a 3rd party lender covering up to 50% of the total project costs, and the borrower contributing 10% of the project costs. In the fiscal year 2018, there were a total of 62 ‘504’ loans made to small businesses in Rhode Island for over $32 million.
“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.”
BankNewport was honored at an awards ceremony at Kirkbrae Country Club in Lincoln, on Friday, October 26. Other SBA lender awardees included:
- 7(a) Lender of the Year: Independence Bank
- Certified Development Company of the Year of the Year: Ocean State Business Development Authority
- 7(a) and 504 Combined Lender of the Year: HarborOne Bank
- Micro Lender of the Year: Community Investment Corporation
- 7(a) Dollar Volume Lender of the Year: Bristol County Savings Bank
For more information or questions on loan eligibility please contact Dan Horowitz at Daniel.Horowitz@sba.gov or call 401-528-4576.