Centreville Bank awarded Top SBA 504 Third- Party Lender in RI for Second Consecutive Year
Centreville Bank has been named by the U.S. Small Business Administration (SBA) third-party lender of the year in Rhode Island for fiscal year 2023. Centreville Bank originated eight SBA 504 loans, totaling over $3.8 million. Centreville Bank received the SBA’s third-party lender of the year award in 2022 as well.
“Centreville Bank is committed to helping businesses fuel their purpose with lending solutions that meet their unique needs,” said Leland Merrill, executive vice president, chief lending officer for Centreville Bank. “This award recognizes our continued support for small businesses and their contributions to our local communities.”
Earlier this year, Mike Giossi and his wife Irene Manzi worked with Centreville Bank to secure a 504 loan to purchase Pawtuxet Auto Service, a multi-generational neighborhood auto repair shop in Pawtuxet Village in Cranston, RI. Mike had been working at the shop since high school and always aspired to be a business owner, so when the opportunity presented itself to make the purchase, Mike turned to the SBA 504 loan program and Centreville Bank for help.
“The 504 program gave my family a future,” Giossi says. “Without help from the Centreville Bank team, buying this business would not have been possible. Keeping this shop located in the Village is very important to us and this part of town. We have generations of customers that come through our doors, such as my youngest tech. I was working on his mom’s car when he was here in a stroller.”
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, 2023. 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.
About Centreville Bank
Founded in 1828 and headquartered in West Warwick, Rhode Island, Centreville Bank is a full-service mutual bank with over $2 billion in assets and 21 locations throughout Rhode Island and eastern Connecticut. Centreville understands the unique financial needs of individuals, families and businesses and offers a wide range of personal banking and commercial banking products and services including checking accounts, savings accounts, CDs, money market accounts, mortgages, business loans and more. Centreville is committed to its employees and the communities it serves, always striving to help people make progress and achieve their financial goals. That is progress on purpose. Visit centrevillebank.com, follow us on Facebook, LinkedIn and Instagram, or come into a branch or office to learn more.