Centreville Bank Named Top SBA 504 Third-Party Lender in Rhode Island for Third Consecutive Year
(West Warwick, RI) December 9, 2024 – For the third year in a row, Centreville Bank has been named the top SBA 504 third-party lender in Rhode Island by the U.S. Small Business Administration (SBA). In fiscal year 2024, Centreville Bank tied for first place, originating 13 SBA 504 loans with a total volume of $5.525 million.
The SBA 504 program provides up to 90 percent financing for the purchase or improvement of long-term fixed assets, such as commercial real estate buildings and equipment, making it a vital tool for small businesses seeking to grow and thrive.
“This recognition highlights Centreville Bank’s commitment to supporting Rhode Island’s small businesses, which are the backbone of our local economy,” said Lee Merrill, EVP, Chief Lending Officer at Centreville Bank. “By offering tailored lending solutions through programs like SBA 504, we’re not just funding businesses—we’re fueling their growth, strengthening our communities, and creating lasting opportunities for the future.”
Cristina Offenberg, owner of Weathervane Cottages, in Portsmouth, RI, shared how the SBA 504 loan program made her vision of a new boutique “glamping” resort a reality. “We purchased this property to build a cozy retreat, to serve as additional retirement income in the future. We’re so grateful for the opportunity offered through Centreville Bank for this SBA 504 loan program which gave us the ability to build out our project while being able to retain a portion of our investment funds to continue to enhance our resort lodging. We foresee we will be able to reinvest profits annually and look forward to enjoying a leisurely retirement with income derived from this project.”
Centreville Bank’s achievement reflects its dedication to empowering entrepreneurs and contributing to the state’s economic growth. The SBA issues its rankings annually based on the number of loans originated during the fiscal year, which ran from October 1, 2023, to September 30, 2024.
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.
About Weathervane Cottages
Weathervane Cottages is a brand new unique cozy retreat in Portsmouth, RI offering a boutique lodging experience for guests who enjoy nature and an outdoor atmosphere without sacrificing the luxuries. WVC is a small resort of 8 individual studio-style cozy Cottages, 4 glamping sites and a 2 bedroom Bungalow in beautiful Newport County RI. Weathervane Cottages is located in a private setting while easily accessible to area attractions in Newport and Bristol Counties. Visit www.weathervanecottages.com to learn more.
The SBA 504 program provides up to 90 percent financing for the purchase or improvement of long-term fixed assets, such as commercial real estate buildings and equipment, making it a vital tool for small businesses seeking to grow and thrive.
“This recognition highlights Centreville Bank’s commitment to supporting Rhode Island’s small businesses, which are the backbone of our local economy,” said Lee Merrill, EVP, Chief Lending Officer at Centreville Bank. “By offering tailored lending solutions through programs like SBA 504, we’re not just funding businesses—we’re fueling their growth, strengthening our communities, and creating lasting opportunities for the future.”
Cristina Offenberg, owner of Weathervane Cottages, in Portsmouth, RI, shared how the SBA 504 loan program made her vision of a new boutique “glamping” resort a reality. “We purchased this property to build a cozy retreat, to serve as additional retirement income in the future. We’re so grateful for the opportunity offered through Centreville Bank for this SBA 504 loan program which gave us the ability to build out our project while being able to retain a portion of our investment funds to continue to enhance our resort lodging. We foresee we will be able to reinvest profits annually and look forward to enjoying a leisurely retirement with income derived from this project.”
Centreville Bank’s achievement reflects its dedication to empowering entrepreneurs and contributing to the state’s economic growth. The SBA issues its rankings annually based on the number of loans originated during the fiscal year, which ran from October 1, 2023, to September 30, 2024.
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.
About Weathervane Cottages
Weathervane Cottages is a brand new unique cozy retreat in Portsmouth, RI offering a boutique lodging experience for guests who enjoy nature and an outdoor atmosphere without sacrificing the luxuries. WVC is a small resort of 8 individual studio-style cozy Cottages, 4 glamping sites and a 2 bedroom Bungalow in beautiful Newport County RI. Weathervane Cottages is located in a private setting while easily accessible to area attractions in Newport and Bristol Counties. Visit www.weathervanecottages.com to learn more.