PROVIDENCE – Bristol County Savings Bank has opened a new Community Lending Center on Broad Street, marking its first major expansion in the city as the bank tries to deepen its reach in Rhode Island’s lending market.
The bank held a ribbon-cutting ceremony on Nov. 6 at the 359 Broad St. office, which sits inside the Rhode Island Hispanic Chamber of Commerce headquarters. As part of the event, the bank’s charitable foundation awarded a $25,000 grant to One Neighborhood Builders, the Providence-based affordable housing developer.
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Bank officials say the new office is aimed at boosting community lending and strengthening ties with small businesses and residents in the city’s Latino neighborhoods.
The new center will offer community lending and financial education to residents and small businesses in Greater Providence, with an emphasis on improving access to capital in underserved neighborhoods.
The office will be staffed by Cheryl Galloway, the bank’s community development officer, and Sira Salgado, a small-business relationship manager who also works on Community Reinvestment Act initiatives. The federal law passed in 1977 encourages banks to serve the credit needs of all communities, particularly low- and moderate-income neighborhoods.
Both Galloway and Salgado will provide services in English and Spanish. Their work will include supporting first-time homebuyers, partnering with local housing groups and nonprofits, and assisting entrepreneurs seeking financing and training.
Laura Stack, a community development loan officer, will also operate out of the site to handle lending for multifamily and mixed-use properties.
“This expansion underscores our commitment to investing in Rhode Island and creating greater access to financial resources for families and businesses,” said John Silva, bank CEO and president. “The Community Lending Center positions us to deepen our relationships in Providence, support economic growth and deliver on our mission of helping our communities thrive.”
Bristol County Savings Bank has three branches in Rhode Island, located in Cumberland, Smithfield and Pawtucket. The bank also has a commercial loan office in downtown Providence.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
