BankNewport opens Community Lending Center in Central Falls

CENTRAL FALLS – BankNewport recently celebrated the opening of its new Community Lending Center at 757 Broad St. with a ribbon-cutting ceremony on May 16.

“We look forward to continuing our role as a true community partner and neighbor to area residents and businesses, offering fast, efficient borrowing opportunities through our new Central Falls office,” said BankNewport CEO and President Jack Murphy.

The center will provide customers with borrowing opportunities on a full range of residential mortgage and business banking products, including Equity Builder, Fannie Mae’s Home Ready program, R.I. Housing & Mortgage Finance Corp. first-time homeowner programs and Federal Housing Administration programs, according to a news release. It will feature a well-versed team of advisers, including a bilingual community development lending officer, residential mortgage loan officers and a full-time loan processor.

“This new Community Lending Center will help make important local lending resources available to our families and small businesses,” said Mayor Maria Rivera. “Our city has been working hard to invest in strengthening both home and business opportunities available here in Central Falls, and BankNewport’s new Community Lending Center will help provide bilingual support to our community seeking mortgages, business banking products and more, keeping that momentum moving forward.”

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As part of the celebration of the center, BankNewport announced a new partnership with Local Initiatives Support Corp. and provided $250,000 in funding to support the organization’s mission to make quality affordable housing available for low income and vulnerable residents in underserved communities.

“Bank Newport is truly a champion for Rhode Island and a strong corporate partner,” said LISC Rhode Island Senior Executive Director Jeanne Cola. “We are enormously grateful for their partnership and this commitment to flexible funding for the creation of safe, affordable housing in our state.”

Cola said the funding will allow LISC to leverage national resources and federal funding and invest in homes for Rhode Islanders.

“In the past 18 months alone, we’ve been able to provide a 10-fold leverage on funding from local partners,” she said. “The grant from BankNewport will allow LISC to support affordable housing when and where it’s needed most.”

The opening of the Community Lending Center in Central Falls adds to BankNewport’s expanding footprint in Providence County, which includes a lending office in downtown Providence adjacent to its Dorrance Street branch.