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SBA Names HarborOne Bank the “Rhode Island 7(a) & 504 Combined Lender of the Year”

The U.S. Small Business Administration has named HarborOne Bank the Fiscal Year 2018 Rhode Island 7(a) and 504 Combined Lender of the Year. Throughout fiscal year 2018, HarborOne approved 54 total loans for over $10.3 million using the SBA’s 7(a) and 504 loan programs, more total loans than any other SBA lender in Rhode Island.

“HarborOne Bank has done an excellent job advancing the growth of small businesses in Rhode Island,” said SBA District Director, Mark S. Hayward. “they approved 54 loans for over $10.3 million, by far the highest amount of loans to small businesses this year. As HarborOne continues to grow its presence in Rhode Island, we hope they will continue their excellence in small business lending,” he added.

The 7(a) loan program offers loans of up to $5 million that can be used for anything from working capital, to purchasing an existing business, to leasehold improvements and more. The SBA will guarantee 85% of loans of $150,000 or less, and guarantee 75% for loans over $150,000. In fiscal year 2018 there were a total of 339 7(a) loans made to small businesses for over $58 million.

“We are so proud to be named be the 7(a) & 504 Combined Lender of the Year, as we renew our focus and commitment to Rhode Island businesses under our new name, HarborOne Bank. Our dedication to supporting small business has never been stronger, and we are truly honored to be recognized with this award,” said Stephen Gibbons, Regional Vice President of HarborOne Bank.

The 504 Loan Program provides small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. 504 Loans are typically structured with SBA providing 40% of the total projects cost through a Certified Development Company (CDC), a 3rd party lender covering up to 50% of the total project costs, and the borrower contributing 10% of the project costs. In fiscal year 2018, there were a total of 62 ‘504’ loans made to small businesses in Rhode Island for over $32 million.
HarborOne Bank was honored at an awards ceremony at Kirkbrae Country Club in Lincoln, on Friday, October 26. Other SBA lender awardees included:
  • 7(a) Lender of the Year: Independence Bank
  • Certified Development Company of the Year of the Year: Ocean State Business Development Authority
  • 504 3rd Party Lender of the Year: BankNewport
  • Micro Lender of the Year: Community Investment Corporation
  • 7(a) Dollar Volume Lender of the Year: Bristol County Savings Bank
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