BankNewport Named Top SBA 504 Third-Party Lender in Rhode Island
for Sixth Consecutive Year
Fiscal Year 2023 Title is BankNewport’s 12th in 13 Years
NEWPORT, R.I. (December 8, 2023) – BankNewport was recently recognized by the U.S. Small Business Administration’s Rhode Island district office as the top 504 Third Party Lender of the Year for Fiscal Year 2023. BankNewport has earned this distinction for six consecutive years, and 12 of the last 13 years.
"BankNewport's legacy of over two centuries in Rhode Island is rooted in a steadfast commitment to meeting our clients’ diverse banking needs,” said Jeanne Lapak, Executive Vice President and Chief Commercial Banking and lending Officer, BankNewport “This recognition underscores our dedication to serving a broad clientele, especially within the vibrant small business community. Receiving this award is a testament to our expertise in SBA lending, empowering small enterprises across the state to flourish."
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, 2023. BankNewport originated eight total SBA 504 loans totaling over $5,980,000 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’s steadfast commitment to serving local small businesses is one of many reasons they are such a valued partner in this state,” said SBA District Director Mark S. Hayward. “Being the leading lender in the SBA’s 504 loan program for 6 straight years is proof that Jeanne Lapak and her team will do whatever they can to help business owners gain access to the funding they need to succeed. We are once again pleased to name them the 504 Third Party Lender of the Year for FY 2023.”
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 longest-standing 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 19 branch locations 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 $8 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 8,500 hours annually. For more information, please visit www.BankNewport.com.