PROVIDENCE – Rhode Island Infrastructure Bank has finalized Municipal Road and Bridge Revolving Fund loans totaling $5.8 million for local improvements, the bank announced July 17.
Pawtucket received $3 million, while Bristol secured $2.8 million. Both municipalities will use the funding for road resurfacing, paving and maintenance projects.
Webster Bank Celebrates 90 Years
By Samuel Hanna, Executive Managing Director, Commercial Real Estate, Webster Bank This year, Webster Bank…
Learn More
“Roads are essential to Rhode Island’s cities, towns, businesses and residents, and we are pleased to provide low-cost financing to the town of Bristol and the city of Pawtucket so they can improve and maintain this critical infrastructure,” said William Fazioli, executive director of the infrastructure bank. “Our financing programs make it easier for communities to invest in essential projects at very affordable costs with a streamlined administrative process.”
Pawtucket Mayor Donald R. Grebien said that upgrading the city’s “aging road infrastructure” has been one of his top priorities.
“Over the last 15 years, we have repaved more than 150 miles of city roads, and this $3 million in low-cost financing from the Rhode Island Infrastructure Bank will allow us to continue our work resurfacing and repaving roads across Pawtucket,” Grebien said. “We want to thank the infrastructure bank for working with us and providing the ongoing financing needed to meet our road infrastructure investment needs.”
Meanwhile, Bristol Town Administrator Steven Contente expressed his gratitude to the bank for the low-cost financing loan.
“The town of Bristol works to continually invest in and improve our network of road infrastructure,” Contente said. “That is why we want to thank the Rhode Island Infrastructure Bank for working with us to obtain $2.8 million in low-cost financing through their Municipal Road and Bridge Revolving Fund for road work throughout our community.”
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
