BankNewport
SBA 7(a) Lending Profile · FY 2020 analysis
Industry Focus
Top industries served by BankNewport · FY 2020
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 541490 | Other Specialized Design Services | 1 | $100K | $100K | 12.5% |
| 238990 | All Other Specialty Trade Contractors | 1 | $150K | $150K | 12.5% |
| 236115 | New Single-Family Housing Construction (except For-Sale Builders) | 1 | $100K | $100K | 12.5% |
| 811121 | Automotive Body, Paint, and Interior Repair and Maintenance | 1 | $500K | $500K | 12.5% |
| 722511 | Full-Service Restaurants | 1 | $50K | $50K | 12.5% |
| 237310 | Highway, Street, and Bridge Construction | 1 | $100K | $100K | 12.5% |
| 423990 | Other Miscellaneous Durable Goods Merchant Wholesalers | 1 | $44K | $44K | 12.5% |
Geographic Distribution
SBA lending activity for BankNewport by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Rhode Island (RI) | 7 | $984K | 87.5% |
| Massachusetts (MA) | 1 | $100K | 12.5% |
Why Choose BankNewport?
Based on SBA 7(a) lending track record in FY 2020
- ✓Proven Track Record: 8 SBA loans approved, totaling $1.1M in financing
- ✓Industry Expertise: Specialized focus on Other Specialized Design Services, All Other Specialty Trade Contractors, New Single-Family Housing Construction (except For-Sale Builders)
- ✓Competitive Terms: Average interest rate of 5.56% with flexible term lengths averaging 99 months
- ✓Loan Range: Loan sizes from $40K to $500K, with an average of $136K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in RI, MA
Note: Approval and terms are subject to SBA and lender requirements. This profile is based on historical data and does not guarantee future lending decisions.
Frequently Asked Questions
Common questions about BankNewport SBA lending
What types of businesses does BankNewport typically finance?
BankNewport specializes in SBA 7(a) lending to specific industries including other specialized design services, all other specialty trade contractors, new single-family housing construction (except for-sale builders), automotive body, paint, and interior repair and maintenance. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are BankNewport's typical SBA loan terms?
BankNewport's SBA 7(a) loans typically feature an average interest rate of 5.56% and average term length of 99 months (approximately 8 years). Loan sizes range from $40K to $500K, with an average loan size of $136K.
Do I need a business valuation for a BankNewport SBA loan?
Yes, BankNewport typically requires a professional business valuation for SBA loans over $250,000 or for change-of-ownership transactions. A certified valuation helps establish the purchase price, loan amount, and ensures SBA compliance. The valuation typically costs $5,000-$15,000 depending on business complexity.
How does BankNewport compare to other SBA lenders?
BankNewport has originated 8 SBA loans totaling $1.1M in FY 2020. They distinguish themselves through industry specialization and expertise in their focus sectors. Compare their rates and terms with other lenders in our Commercial Lending Directory.
What states does BankNewport lend in?
BankNewport provides SBA 7(a) financing with particularly strong presence in RI, MA. Based on their lending history, they have experience with diverse state-specific business regulations and licensing requirements.
Research Your Target Industry Before Applying
Before applying for SBA financing, research your industry's typical loan sizes, approval rates, and specialized lenders. Understanding industry-specific financing patterns can help you find the right lender and strengthen your application.
Our industry research reports provide comprehensive intelligence for 1,000+ industries including financial benchmarks, growth trends, financing patterns, and which lenders are most active in your sector.
Explore Industry Reports →Need a Business Valuation?
Certified valuations are often required for SBA loans over $250,000.
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