BankNewport is pleased to announce that it has distributed $100,000 in grants to local businesses as part of the Federal Home Loan Bank of Boston’s (FHLB) Jobs New England Recovery Grant Program, of which BankNewport is a member.
“We are proud to have opportunities to serve our customers in any way that we can, from the Paycheck Protection Program to the microloan program we developed with Commerce RI and the RI Hospitality Association, and most recently, the Jobs New England grants,” said Leland R. Merrill, Jr.
Chief Operating Officer and Chief Lending Officer, BankNewport.
The recipients of the FHLB grants represent a variety of industries, from sports and entertainment to hospitality and education. Each was nominated by BankNewport’s Commercial Lending and Business Development teams based on the program qualifications outlined by the FHLB, including Yawgoo Valley Ski Area and Sports Park.
“With all of the uncertainty surrounding our business right now, I can’t begin to tell you what this grant means to Yawgoo,” said Tracy Hartman, President, Yawgoo Valley. “I used to think that operating around the weather forecast was the most difficult part of running a ski area, but that pales in comparison to functioning in a pandemic. Starting a relationship with BankNewport has been one of the best business decisions I have made. I appreciate the bank’s vision and how its team works to better small business and the community.”
The Stagecoach House Inn, a beautifully restored historic hotel in Wyoming, RI owned by Deb and Bill Bokon since 2003, has also been impacted by the pandemic. “We are grateful to BankNewport for their compassion in thinking of our small business at this difficult time. The grant money was unexpected and greatly appreciated, and could not come at a better time,” said Deb Bokon.
“As we navigate this challenging time, we are dedicated to working to provide funding to eligible businesses, should grants become available in the future,” concluded Ken Burnett, Senior Vice President, Director of Commercial Relationships.
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.
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.