Independence Bank of East Greenwich, Rhode Island, an FDIC insured financial banking institution, is pleased to announce the issuance of loan proposals to CNMI-based businesses and government entities totaling $89.5 million.

Independence Bank makes commercial loans throughout the United States and U.S. territories and commonwealths, specializing in U.S. government guaranteed loans. Independence Bank is known for structuring loans using combinations of equity, debt, and grant funds, to the benefit of the borrower.

“Our knowledge of the U.S. government loan programs and grant programs allows us to structure loans and bring them to fruition for our clients, even start up businesses that most banks won't even look at,” said Independence Bank director Michael Sammartino.

“We are thrilled to be able to offer loan proposals to qualify businesses and government entitles in the CNMI. Each loan signifies job retention and job creation, which is the cornerstone of the economic recovery that the Commonwealth and the United States needs today.”

Sammartino said that Independence Bank's issued load proposals cover a wide range of businesses and infrastructure projects throughout the CNMI, including a power business, three renewable energy projects, two airline projects, a port expansion improvement project, and a farmers cooperative loan program, among others.

Sammartino added, “Several of our loan proposals have already been accepted by various clients, and we are moving forward with the loan process. We look forward to funding these loans. We know others will soon be accepting our proposals. The real message is that Independence Bank is making business loans in the CNMI, and we welcome all loan proposals. We will be back in October, visiting clients in Rota, Saipan, and Tinian, and we will continue to meet with clients during each of our quarterly visits. We will eventually be looking to open a loan office in Saipan to service our clients in the region.”

Independence Bank commercial lending can be contacted at 1-877-525-8583, ext. 318 or 401-471-6318 or email HYPERLINK "mailto:msammartino@independence-bank.com" msammartino@independence-bank.com.