BankNewport
SBA 7(a) Lending Profile · FY 2020 analysis
Industry Focus
Top industries served by BankNewport
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 96 | $9.4M | $98K | 9.2% |
| 561730 | Landscaping Services | 80 | $4.1M | $52K | 7.7% |
| 238990 | All Other Specialty Trade Contractors | 56 | $5.7M | $101K | 5.4% |
| 722513 | Limited-Service Restaurants | 48 | $5.4M | $112K | 4.6% |
| 236115 | New Single-Family Housing Construction (except Operative Builders) | 48 | $3.5M | $73K | 4.6% |
| 541618 | Other Management Consulting Services | 24 | $800K | $33K | 2.3% |
| 531210 | Offices of Real Estate Agents and Brokers | 24 | $1.4M | $59K | 2.3% |
| 811111 | General Automotive Repair | 24 | $1.3M | $53K | 2.3% |
| 713940 | Fitness and Recreational Sports Centers | 24 | $1.5M | $63K | 2.3% |
| 445320 | Other | 24 | $5.3M | $220K | 2.3% |
Geographic Distribution
SBA lending activity for BankNewport by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Rhode Island (RI) | 968 | $69.3M | 93.1% |
| Massachusetts (MA) | 64 | $8.7M | 6.2% |
| Connecticut (CT) | 8 | $600K | 0.8% |
Why Choose BankNewport?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 1,040 SBA loans approved, totaling $78.6M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Landscaping Services, All Other Specialty Trade Contractors
- ✓Competitive Terms: Average interest rate of 11.51% with flexible term lengths averaging 103 months
- ✓Loan Range: Loan sizes from $10K to $500K, with an average of $76K
- ✓Nationwide Reach: Active lending in 3 states, with strong presence in RI, MA, CT
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 full-service restaurants, landscaping services, all other specialty trade contractors, limited-service restaurants. 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 11.51% and average term length of 103 months (approximately 9 years). Loan sizes range from $10K to $500K, with an average loan size of $76K.
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 1,040 SBA loans totaling $78.6M since 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, CT. 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?
Professional valuations are often required for SBA loans over $250,000.
Get your certified valuation from Fair Market Value.