West Warwick, R.I., March 13, 2017 – Newport’s constellation of fine restaurants is shining even brighter, thanks in part to $800,000 in financing provided by Centreville Bank to the owners of Newport’s Stoneacre Pantry and La Vasca restaurants.
Sara Hiebner, vice president of commercial lending at Centreville Bank, reviews plans with Chis Bender for expanding his restaurant business in Newport.
To help Stoneacre Pantry relocate to a larger location at 28 Washington Square and open a second restaurant in its previous location, Centreville structured a financing package composed of three credit facilities: two Small Business Administration (SBA) loans totaling $540,000 for furniture, fixtures and equipment, and a $260,000 term loan for working capital.
“Owners Chris Bender and David Crowell are great restaurateurs with an excellent clientele,” said Sara Hiebner, vice president, commercial lending for Centreville Bank. “Working with resources available through the SBA, we were able to help them realize their expansion goals.”
“Working closely with Centerville Bank allowed us to fully grasp the options that were available to us,” Bender said. “Sara's understanding of the dynamics of the Newport business community and our unique needs as a client, were among the top factors in making this project possible."
The move to Washington Square – the site of the former Yesterday’s restaurant – marks the realization of the vision that Bender and Crowell had for the restaurant when it opened in 2013. When Stoneacre Pantry reopens in the new location in early summer, they will be able to serve more guests and open the butcher shop that was part of their original concept. La Vasca, a Basque-style restaurant focused on wine and small plates, opened in January at the previous Stoneacre Pantry location, 515 Thames Street, Newport.
About Stoneacre Pantry and La Vasca:
Originating in August 2013, Stoneacre Pantry is a neighborhood restaurant focused on sustainability and a positive relationship with our local environment. The menu is small, seasonal, and supports nearby farms and fishermen with fish from nearby waters and meats from local farms that raise their animals humanely. The wine list highlights small producers from France and many of the cocktails have house made components. Stoneacre Pantry will re-open in its new location on Newport’s historic Washington Square in May of 2017. La Vasca is a Basque style restaurant and wine bar, focused on the deep food traditions of Northern Spain & Southern France. The restaurant uses New England’s extensive farming and fishing resources to try to bring the flavors of the Basque region to Newport. The menu consists of pintxos, tapas, hot and cold small plates and a selection of entrees.
About Centreville Bank:
Founded in 1828 and headquartered in West Warwick, Rhode Island, Centreville Bank has seven branch locations in Coventry, Cranston, East Greenwich, Narragansett, North Kingstown, West Greenwich, and West Warwick, and assets of $1.15 billion.