September 2014                           Our People, Our Products, Our Partnerships
In This Issue
Building a Better Burrillville
A Big Emphasis on Small Business
The Financial Remedy for HealthID
 
Stay Connected
 
  
 
Located In:
* Greenville
* Cumberland
* East Providence 
Building a Better Burrillville
Freedom National Bank recently worked with the Industrial Foundation of Burrillville (IFB) to help a growing local business expand into a larger facility.

"Alashan, a cashmere importing business, was already established in town but had outgrown its facility by leaps and bounds," said Kevin Menard, President of the IFB Board.

"Freedom put together an affordable building construction loan that made it possible for Alashan to expand and hire more people."

IFB's board works closely with the town to find opportunities, such as Alashan's, to promote economic development and increase the town's industrial tax base. Menard hopes to complete Alashan's new facility by the end of 2014 so that IFB can focus on its next project.

"We have plans for a 10,000 square foot spec building that will be customizable for a small manufacturer, distribution center, or commercial operation," he said.

"When the time comes to get the spec loan, I know we'll go back to Freedom Bank," he added.

A Big Emphasis on Small Business
for Freedom's Eric Lichatin
Eric Lichatin, Credit Analyst/SBL at Freedom National Bank
Small business growth and success are the daily focuses of Eric Lichatin, who was recently promoted to Credit Analyst/Small Business Lending (SBL) Specialist at Freedom National Bank.

Lichatin always knew he wanted to make a career in commercial lending. After college graduation, he worked at Citizens Bank with Freedom's President, Tony Botelho, who was then head of Citizens' Small Business Lending (SBL) group.

"Tony provided excellent SBL training. When he started with Freedom, he offered me a job in consumer lending, and I knew it was a perfect opportunity," he said.

Lichatin is dedicated to providing small business owners with excellent personal service.

"I like to learn about their business and find ways to help them grow. What sets Freedom apart from bigger banks is the way our SBL department is specifically structured to provide small businesses with financing and capital needs that don't fit the corporate model," he said.

"As our small business customers' needs increase, we continue to help them develop and expand their vision. It's exciting to be a part of their success," he said.
The Financial Remedy for HealthID

HealthID, a Rhode Island start-up, recently needed a loan for its first big order of high-tech medical ID bracelets and cards. The devices manage personal medical data including readings for chronic diseases and prescription tracking, and work with any smart phone or computer.

Angelo Pitassi, HealthID's Founder and CEO, started the company after his son was diagnosed with Type One diabetes and needed to transmit frequent blood sugar readings to his healthcare provider.

"It didn't take long to realize the lack of technology behind managing and communicating personal health information," said Pitassi. "HealthID's goal is to provide cost-effective technology that can communicate data to a doctor in real time."

When a national pharmacy put in a large order for these devices, Pitassi was thrilled, but he needed immediate funding to manufacture them.

"We were pre-revenue at the time and needed capital, but I was frustrated by the very large bank I was working with," he said.

Through a referral, Pitassi met Tony Botelho, President of Freedom National Bank, who personally examined HealthID's financials and quickly approved the loan.

"I went back and thanked Tony for trusting our vision. I'm confident that we'll be able to keep the company moving forward and will forever bank with Freedom."
Copyright 2013 - All rights reserved. Freedom National Bank - Greenville, RI Member FDIC, Equal Housing Lender