By Kelly L. Anderson
PBN Staff Writer
EAST PROVIDENCE – Taking advantage of a vacant building it already owned, Smithfield-based Freedom National Bank is expanding its reach by opening a new commercial lending office in East Providence at 222 Warren Ave.
“It was a former building that had gone out of business and the bank just wants to extend its reach to commercial customers as well as customers in the east bay area and this seemed like a natural way to do it, said Richard Slater, spokesman for Freedom National Bank.
The lending office opened on Nov. 21.
“It’s an administrative office where they will have some commercial lending people, they will have mortgage originators that’ll try to develop residential mortgage business in East Providence as well as in the East Bay Area,” Slater said
Freedom National Bank, which ahs been around for about ten years, is not a big bank, but it is well-known in northern Rhode Island and they are looking to have a presence in other areas of the state, working primarily with small to mid-size businesses, he said.
Freedom National Bank has in Greenville and Cumberland.
The new office will offer local businesses a full array of commercial lending services including commercial real estate loans, funds for working capital needs and equipment financing.
As a U.S. Small Business Administration preferred lender, Freedom’s staff is qualified to assist customers acquire the necessary funds to grow their business. Slater said.
Freedom also will begin offering a number of residential mortgage programs throughout the East Bay area. The service will be provided through its affiliate banking relationship. First-time homebuyers and current homeowners also will be able to take advantage of the new mortgage source.
“Having grown up in East Providence with deep roots in the community, I’m delighted that Freedom Financial Center has located to East Providence and can offer local businesses and residents the kind of local responsive service they deserve,” said Freedom National Bank President Anthony Botelho.