Subscribe!
Business Beat: BankNewport named RI SBA Lender of the Year
BankNewport has once again been recognized by the U.S. Small Business Administration’s (SBA) Rhode Island District Office for its exceptional performance in small business lending. During the annual SBA Rhode Island Lender Awards Breakfast on December 5, BankNewport was named Rhode Island 7(a) Lender of the Year, Rhode Island 504 3rd Party Lender of the Year (tie) for the 13th time in the last 14 years, and Rhode Island 7(a) and 504 Combined Dollar Volume Lender of the Year.
This marks the second consecutive year BankNewport has tied for the top spot in the 504 3rd Party Lender category and reflects the Bank’s continued leadership in small business lending. The recognition of 7(a) Lender of the Year and the 7(a) & 504 Combined Dollar Volume Lender of the Year further demonstrates BankNewport’s impact on small business financing in the state.
“At BankNewport, we are deeply committed to empowering small businesses across Rhode Island,” said Jeanne Lapak, Executive Vice President and Chief Commercial Banking and Lending Officer, BankNewport “This recognition from the SBA reaffirms the dedication of our lending team to support the growth and success of local entrepreneurs. We are proud to play a key role in driving economic development in our communities.”
During Fiscal Year 2024, which concluded on September 30, BankNewport started offering 7(a) loans in March, halfway through the SBA’s fiscal year. Despite other lenders having a six-month advantage, BankNewport ranked number one in 7(a) loans. This complemented the Bank’s longstanding success with the 504 program. BankNewport’s efforts across both programs resulted in the Bank being first to be recognized as Rhode Island 7(a) and 504 3rd Party Combined Dollar Volume Lender of the Year.
“We are thrilled to see BankNewport’s commitment to SBA lending as its 7(a) lending took off during the second half of fiscal year 2024,” said SBA District Director Robert J. Piechota. “As a perennial top third party lender in our 504 program, BankNewport has taken giant steps forward to expand its offerings to the local small business community. I applaud the entire team at BankNewport for their outstanding work this past fiscal year and look forward to partnering with them to strengthen the Rhode Island small business community.”
The SBA 504 loan program offers up to 90 percent financing for long-term fixed assets, including commercial real estate and equipment. BankNewport originated 13 SBA 504 loans totaling $6.472 million. The 7(a) program provides flexible financing options for various business needs, from working capital to equipment purchases. BankNewport originated 31 SBA 7(a) loans totaling $2.385 million. The combined dollar volume for SBA’s fiscal year 2024 was 44 loans for $8.857 million.
Photo IDs/Caption (from left-to-right):
Annisha Vasquez, Vice President, Community Development Officer, BankNewport; Daniel Tougas, Vice President, Newport Branch Manager, BankNewport; Patrick Burns, Vice President, Middletown Branch Manager, BankNewport; Fredy Huezo, Vice President, Business and Commercial Lending Officer, BankNewport; Jon Richmond, Vice President, Business and Commercial Lending Officer, BankNewport; Cheryl Bonvegna, Small Business Lending Underwriter, BankNewport; Adam Duclos, Vice President, Senior Business and Commercial Lending Officer, BankNewport; Colleen Moulton, Senior Vice President, Director of Commercial Banking, BankNewport; Mark Scanapieco, Vice President, Business and Commercial Lending Officer, BankNewport; Denise DiDonato, Vice President, Credit Administration Manager, BankNewport; George Duarte, Senior Vice President, Director of Business Banking, BankNewport; Jeanne Lapak, Executive Vice President, Chief Commercial Banking & Lending Officer, BankNewport.
About BankNewport:
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 oldest banks in the United States and, as a mutual organization, is committed to the financial success of its customers, employees, and the community for 205 years. BankNewport has nineteen branch locations, a community lending center in Central Falls, and a commercial lending office in Providence. OceanPoint Marine Lending, a business line of BankNewport, specializes in consumer marine and recreational vehicle financing programs.
Through its All In Giving program, BankNewport is committed to supporting nonprofits with areas of impact focused on basic human needs, children and families, education, economic security, healthy lives, arts and culture, and the environment. BankNewport has awarded over $10 million in grants, sponsorships, and donations over the past ten years to a wide range of nonprofits to help strengthen and enrich lives and communities throughout Rhode Island. Financial education and community service performed by employees totals 10,000 hours annually. For more information, please visit www.BankNewport.com.