Centreville Bank Named a Top SBA 504 Third-Party Lender
The bank originated more than $10 million in SBA 504 loans to locally owned RI businesses.
(WEST WARWICK, R.I.) January 18, 2023 – Centreville Bank has been named by the U.S. Small Business Administration (SBA) as a top lender to small businesses for SBA 504 loans in Rhode Island.
“We are honored to receive this award and so very proud to work alongside the Small Business Administration in helping Rhode Island businesses attain their goal of owning their own business property or expanding their business capacity,” said Leland Merrill, executive vice president, chief lending officer for Centreville Bank. “Small businesses are vital to our communities and essential to a thriving, local economy. We’re proud of our team of commercial lenders, all of whom are committed to offering business owners a full suite of products to help them launch, operate and expand their business.”
The SBA issues its rankings annually based on the number of loans originated by banks in the SBA fiscal year, which ran from October 1 to September 30, 2022. Centreville was the top banking SBA 504 lender in terms of gross dollar amount with 12 loans totaling $10,050,500 million. 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.