BankLocal boosting small businesses

BANKING LOCAL: Navigant Credit Union, its headquarters in Smithfield shown above, is one of two Rhode Island credit unions and eight banks participating in state General Treasurer Seth Magaziner’s BankLocal program – an initiative started two years ago to incentivize financial institutions to lend to local small businesses by matching those funds with state deposits./COURTESY/NAVIGANT CREDIT UNION

Hey mister, can you spare a few thousand dollars? The answer from local banks often is “yes,” under R.I. General Treasurer Seth Magaziner’s BankLocal initiative. A little more than two years into the program, the state has moved about $22 million in deposits into Rhode Island community banks and credit unions in exchange for them

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