Get a boat loan, help a tall ship


If you live in the Newport, R.I., area and thinking of getting a boat loan, maybe the idea that you are also helping fund a tall ship program might be enough to get you off the starting line. BankNewport is pledging to donate funds to Oliver Hazard Perry Rhode Island (OHPRI), the foundation that is working to build a sail training vessel for Rhode Island. OHPRI already has a hull for the vessel and is preparing it for the next stage of construction, which involves adding lead ballast and building an upper deck.

From the press release: BankNewport’s new boat loan program was launched with a special announcement connecting loan customers with the opportunity to help build Rhode Island’s Education-at-Sea Tall Ship, the SSV Oliver Hazard Perry.

Now through December 31, 2012, for each consumer boat loan of $100,000 or more that is originated at BankNewport, the Bank will donate $250 to Oliver Hazard Perry Rhode Island (OHPRI); for each consumer boat loan less than $100,000 originated at BankNewport, the Bank will extend a $100 donation to OHPRI.

“BankNewport is proud of its long partnership with the Oliver Hazard Perry Rhode Island organization,” stated BankNewport Executive Vice President, Commercial Lending, Leland R. Merrill, Jr., “We commend their unwavering commitment to construct this sailing school vessel, a significant economic development, educational, and cultural benefit for Newport and the state.”  Merrill added, “Our hope is that the Bank’s support will inspire other contributions for the project.”

One check for the total boat loan donations will be presented by BankNewport to OHPRI in January 2013.

BankNewport previously extended grants totaling $35,000 to OHPRI, including $25,000 in 2008 for the Phase One acquisition and shipbuilding plan for the vessel, and a second grant in the amount of $10,000 in 2010 in support of the OHPRI headquarters at the Buliod-Perry House on Washington Square.

As of January 2012, OHPRI had raised nearly $5 million toward its $7.4 million fund raising goal.  Currently, the hull of the SSV Oliver Hazard Perry is berthed at Senesco Marine in North Kingstown, where it is undergoing major steel work in preparation for its upper deck and the addition of 331,650 pounds of lead ballast. The ship’s mission is to be Rhode Island’s flagship non-profit maritime campus, offering experienced-based core learning opportunities to a diverse student population, including those with disabilities.  For more information about OHPRI, contact Vice-Chair Perry Lewis at OHPRI headquarters, Buliod-Perry House, 29 Touro Street, Washington Square in Newport, 401.841.0080.

By Ocean Navigator