BankNewport Named Top SBA 504 Third-Party Lender In Rhode Island

Press release from BankNewport:

Dec. 19, 2022

BankNewport was recently recognized by the Small Business Administration’s Rhode Island district office as the top 504 Third Party Lender of the Year for the Fiscal Year 2022. BankNewport has earned this distinction for five consecutive years, and 11 of the last 12 years.

“BankNewport has been dedicated to serving Rhode Island for more than 200 years by offering an array of banking products to meet the needs of a diverse clientele, including those in the small business community,” said Ken Burnett, Senior Vice President, Director of Commercial Relationships at BankNewport. “We are proud to have earned this award, which validates our expertise and commitment to this product, as well as the SBA 7(a) loan program.”

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, 2022. The Bank originated 12 SBA 504 loans totaling over $5 million for small businesses. The SBA 504 program provides up to 90% financing for the purchase of long-term fixed assets, such as commercial real estate, buildings and equipment.

“BankNewport continues to show its commitment to the Rhode Island small business community, leading the way in the SBA’s 504 loan program for a fifth consecutive year,” said SBA District Director Mark S. Hayward. “Ensuring local businesses get access to the capital they need to succeed has always been a priority of BankNewport, and we are pleased to name them the 504 Third Party Lender of the Year for FY 2022.”

This press release was produced by BankNewport. The views expressed here are the author's own.