PROVIDENCE – Rhode Island’s BankLOCAL program has offered 348 small-business loans and moved $37.5 million in cash deposits to state banks and credit unions in the last three years, according to a news release from the R.I. Office of the General Treasurer.
The program, launched three years ago by Treasurer Seth Magaziner, moves deposits into local banks and credit unions when they make qualifying loans to small businesses. Loans made to first-time business owners and those owned by veterans, women and minorities receive a 2-1 matching deposit for up to $250,000 per loan. Of the 348 loans, 32% have qualified for this match, the release states.
Lending decisions are made by participating banks and credit unions, which include: BankNewport, Bank Rhode Island, Bristol County Savings Bank, Centreville Bank, Customer’s Bank, Freedom National Bank, Home Loan Investment Bank, Navigant Credit Union, People’s Credit Union and The Washington Trust Co.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
