BankNewport Named Top SBA 504 Third-Party Lender in Rhode Island for Sixth Consecutive Year

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 & 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.”

 

 

Photo Caption:

Front Row (left to right)

Denise DiDonato, Vice President/Credit Administration Manager/BankNewport

Mark Hayward, SBA District Director

Pamela LaBreche, Vice President, Business and Commercial Lending Officer/BankNewport

Cheryl Bonvegna, Small Business Lending Underwriter/BankNewport

 

 

 

Back Row (left to right)

George Duarte, Senior Vice President/Director of Business Banking/BankNewport

Jeanne Lapak, Executive Vice President/Chief Commercial Banking & Lending Officer/BankNewport

Tony Brum, Vice President/Commercial Loan Officer/BankNewport

Adam Duclos, Vice President/Business and Commercial Lending Officer/BankNewport

Marc Scanapieco, Vice President/Business and Commercial Lending Officer/BankNewport