Earlier this year, before the onset of COVID-19, 35 employee volunteers from BankNewport and its sister agency, OceanPoint Insurance, participated in a meal-packaging project with the United Way of Rhode Island. In just two hours, the team packaged 12,000 meals for local food pantries, including FabNewport, the MLK Community Center, East Bay Community Action Program, and We Share Hope, a contribution that unknowingly would fill an immediate need.
As the pandemic grew, the Bank’s Community Fund Committee redirected its grant funds to extend immediate financial support with grants totaling $250,000 to the Rhode Island Foundation and United Way of Rhode Island COVID-19 Response Fund, and most recently a $100,000 grant to the Rhode Island Community Food Bank. In addition, more than $78,000 in sponsorship funds earmarked for nonprofit fundraising events were released to help meet their immediate needs. OceanPoint Insurance also contributed $2,500 to the COVID-19 Response Fund at the United Way during 401 Gives Day.
In addition to its ongoing community support, BankNewport has been working around the clock to fulfill loan requests for small businesses through the Paycheck Protection Program, as well as an emergency micro loan program in partnership with Rhode Island Commerce, the Rhode Island Hospitality Association, and the Local Initiatives Support Corporation. Through these programs to date, BankNewport has awarded a total of $101.5 million in loans to approximately 1,200 small businesses in Rhode Island, including restaurants, retailers, and sole proprietors. The Bank has also waived fees as part of its customer assistance program.