Sovereign unveils banking program in R.I. for Latinos

PROVIDENCE – Sovereign Bank unveiled a program Monday for the Latino community in Rhode Island that provides new banking products and services. The program will include the opportunity for the Latino community to obtain more capital to start and grow small businesses, the bank said.

Sovereign’s new Latino Banking Program includes a small-business loan program to provide loans up to $2.5 million; first-time home buyer seminars presented by bilingual loan officers; bilingual ATMs; and the addition of bilingual staff and signage in branches.

Sovereign will also partner with the Community College of Rhode Island to hold job fairs to recruit bilingual staff. In addition, Sovereign will offer its Rhode Island employees Spanish-language courses so that current employees can become more proficient in the language.

According to the 2004 U.S. Census Bureau survey, the Latino population in Rhode Island increased by 20 percent from 2000 to 2004, whereas the overall population in the state decreased 3 percent. Currently, Latinos account for 11 percent of the population in Rhode Island.

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“Sovereign Bank considers the Latino community in Rhode Island a key to future economic growth in the state,” said Jay Sidhu, chairman and CEO of Sovereign Bank, in a statement. “The bank can be helpful by targeting capital and providing specialized services that will give the Latino community a boost toward financial success.”

According to Juana Horton, chair of the R.I. Hispanic American Chamber of Commerce, Hispanic-owned businesses have grown tremendously in Rhode Island over the past decade.

“During the past 10 years, Hispanic-owned businesses have grown seven times as fast as the number of overall businesses in Rhode Island,” Horton said. “Today, there are 3,000 Hispanic-owned businesses in this region that will enjoy greater access to capital through Sovereign’s new banking program.”

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