West Warwick, R.I., March 6, 2018 – With the help of a financing package from Centreville Bank, a Providence couple has taken ownership of their favorite boarding, grooming and daycare business for dogs, The Red Dog Inn and Resort in Mansfield, Mass.
To help Steven and Eliza Beringhause purchase the well-established company, Centreville structured a financing package composed of three credit facilities: Through the Small Business Administration (SBA) 504 facility, a $550,000 commercial real estate first mortgage and a $440,000 temporary time note for the purchase of the property, and a $650,000 Centreville Bank term loan to purchase the business assets of the Red Dog Inn and Resort.
“Steven and Eliza had been customers of Red Dog Inn for many years,” said Sara Hiebner, Vice President, Commercial Lending for Centreville Bank. “Even after moving from Massachusetts to Providence, their trust in the company and its employees was so great that they continued bringing their dogs there. When the previous owner decided to retire, they saw this as a dream opportunity to purchase a business that they really love.”
“We are so fortunate that the wonderful employees have stayed with us, and together we are building on what we all love about the Red Dog Inn and Resort,” said Eliza Beringhause, President. “It’s inspiring to be with such dedicated people who love the dogs with all their hearts. They truly live up to our long-held motto, ‘We Love Our Clients and it Shows.’”
The Red Dog Inn and Resort was founded in the 1970s and offers a full range of grooming and daycare services for dogs, as well as boarding facilities for dogs and cats. The business employs 34 people and, for the safety and comfort of its boarders, has staff on site 24 hours per day.
Photo 1 ID (L-R): Red Dog Inn and Resort owners Steven and Eliza Beringhause, and Centreville Bank Vice President, Commercial Lending Sara Hiebner pose with some of the Inn’s canine clients. Steven is holding Phantom in his arms and Cleo on a lead. Eliza is holding Ralph, and Sara has Everest on a lead.
Photo 2 ID (L-R): Steve Beringhause, holding Phantom; Conan, Bruno and Neeko (on the shorter slide), Eliza Beringhause (holding Everest), Caesar (on the taller slide), and Sara Hiebner.
About Centreville Bank:
Centreville Bank was 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 $1.2 billion. For more information, please visit www.CentrevilleBank.com.