BankNewport Recognized as RI’s #1 SBA Lender in Multiple Categories
BankNewport Named Rhode Island SBA Lender of the Year
in 7(a), 504 and Combined Dollar Volume
BankNewport Receives Multiple Honors for Fiscal Year 2025
BankNewport has been recognized by the U.S. Small Business Administration’s Rhode Island District Office for outstanding performance in small business lending, once again ranking number one statewide across multiple SBA lending categories.
During the annual SBA Rhode Island Lender Awards ceremony on January 28, BankNewport was named:
● Rhode Island 7(a) Lender of the Year
● Rhode Island 504 3rd Party Lender of the Year
● Rhode Island 7(a) & 504 3rd Party Combined Dollar Volume Lender of the Year
These recognitions reaffirm BankNewport’s continued leadership in SBA lending and commitment to supporting Rhode Island’s small business community. According to SBA lender rankings for FY25, which concluded on September 30, BankNewport originated 72 SBA 7(a) loans totaling $4.537 million, and 16 SBA 504 third-party loans totaling $12.141 million, resulting in the state's highest combined dollar volume for 7(a) and 504 lending.
BankNewport has been the SBA 504 3rd Party Lender of the Year in Rhode Island for 14 of the past 15 years.
“We’re honored to once again be recognized as Rhode Island’s top SBA lender,” said Jeanne Lapak, Executive Vice President and Chief Commercial Banking and Lending Officer, BankNewport. “These awards reflect our team’s dedication to helping local businesses secure the financing they need to grow, innovate, and strengthen our state’s economy.”
“BankNewport’s steadfast commitment to ensuring small businesses in Rhode Island can gain access to the funding needed to start and grow their business has been second to none yet again this year.,” said SBA District Director Rob Piechota. “In a record-breaking year for SBA lending in Rhode Island, Jeanne Lapak and her team have been leading the way, and their support of local small businesses across all industries is helping our local, state, and national economies grow.”
The SBA 7(a) program offers flexible financing to support working capital, equipment purchases, and business expansion. The SBA 504 program provides long-term, fixed-rate financing for commercial real estate and equipment projects in partnership with certified development companies.
BankNewport continues to expand access to capital for entrepreneurs and business owners statewide, with loans supporting projects across communities including Providence, Warwick, Cranston, North Kingstown, Newport, East Providence, and others.
Photo:
Front Row (left to right)
Kevin Lewis, Vice President, Business and Commercial Lending Officer/BankNewport
Cheryl Bonvegna, Vice President, Small Business Lending Underwriter/BankNewport
Jeanne Lapak, Executive Vice President/Chief Commercial Banking & Lending Officer/BankNewport
Denise DiDonato, Senior Vice President/Chief Credit Risk Officer/BankNewport
George Duarte, Senior Vice President/Director of Business Banking/BankNewport
Jack Murphy, President and CEO/BankNewport
Peter Steele, SBA New England Regional Administrator
Amy Riccitelli, Senior Vice President, Director of Retail Sales/BankNewport
Back Row (left to right)
Carlos Cabral, Vice President, Lincoln Branch Manager/BankNewport
Jim Cohill, Senior Vice President, Director of Commercial Banking/BankNewport
Robert J. Piechota, SBA District Director
Antonio DeSimone, Vice President/Senior Business and Commercial Lending Officer/BankNewport
Adam Duclos, Vice President/Senior Business and Commercial Lending Officer/BankNewport
Jon Richmond, Vice President/Business and Commercial Lending Officer/BankNewport
Daniel Tougas, Vice President/Newport Branch Manager/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 206 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.
BankNewport is committed to supporting nonprofits with areas of impact focused on basic human needs, arts & culture, education success, and healthy lives, thriving communities. BankNewport has awarded over $12 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.
During the annual SBA Rhode Island Lender Awards ceremony on January 28, BankNewport was named:
● Rhode Island 7(a) Lender of the Year
● Rhode Island 504 3rd Party Lender of the Year
● Rhode Island 7(a) & 504 3rd Party Combined Dollar Volume Lender of the Year
These recognitions reaffirm BankNewport’s continued leadership in SBA lending and commitment to supporting Rhode Island’s small business community. According to SBA lender rankings for FY25, which concluded on September 30, BankNewport originated 72 SBA 7(a) loans totaling $4.537 million, and 16 SBA 504 third-party loans totaling $12.141 million, resulting in the state's highest combined dollar volume for 7(a) and 504 lending.
BankNewport has been the SBA 504 3rd Party Lender of the Year in Rhode Island for 14 of the past 15 years.
“We’re honored to once again be recognized as Rhode Island’s top SBA lender,” said Jeanne Lapak, Executive Vice President and Chief Commercial Banking and Lending Officer, BankNewport. “These awards reflect our team’s dedication to helping local businesses secure the financing they need to grow, innovate, and strengthen our state’s economy.”
“BankNewport’s steadfast commitment to ensuring small businesses in Rhode Island can gain access to the funding needed to start and grow their business has been second to none yet again this year.,” said SBA District Director Rob Piechota. “In a record-breaking year for SBA lending in Rhode Island, Jeanne Lapak and her team have been leading the way, and their support of local small businesses across all industries is helping our local, state, and national economies grow.”
The SBA 7(a) program offers flexible financing to support working capital, equipment purchases, and business expansion. The SBA 504 program provides long-term, fixed-rate financing for commercial real estate and equipment projects in partnership with certified development companies.
BankNewport continues to expand access to capital for entrepreneurs and business owners statewide, with loans supporting projects across communities including Providence, Warwick, Cranston, North Kingstown, Newport, East Providence, and others.
Photo:
Front Row (left to right)
Kevin Lewis, Vice President, Business and Commercial Lending Officer/BankNewport
Cheryl Bonvegna, Vice President, Small Business Lending Underwriter/BankNewport
Jeanne Lapak, Executive Vice President/Chief Commercial Banking & Lending Officer/BankNewport
Denise DiDonato, Senior Vice President/Chief Credit Risk Officer/BankNewport
George Duarte, Senior Vice President/Director of Business Banking/BankNewport
Jack Murphy, President and CEO/BankNewport
Peter Steele, SBA New England Regional Administrator
Amy Riccitelli, Senior Vice President, Director of Retail Sales/BankNewport
Back Row (left to right)
Carlos Cabral, Vice President, Lincoln Branch Manager/BankNewport
Jim Cohill, Senior Vice President, Director of Commercial Banking/BankNewport
Robert J. Piechota, SBA District Director
Antonio DeSimone, Vice President/Senior Business and Commercial Lending Officer/BankNewport
Adam Duclos, Vice President/Senior Business and Commercial Lending Officer/BankNewport
Jon Richmond, Vice President/Business and Commercial Lending Officer/BankNewport
Daniel Tougas, Vice President/Newport Branch Manager/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 206 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.
BankNewport is committed to supporting nonprofits with areas of impact focused on basic human needs, arts & culture, education success, and healthy lives, thriving communities. BankNewport has awarded over $12 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.
