PROVIDENCE – Rhode Island General Treasurer Seth Magaziner has received national recognition for his BankLocal program, which incentivizes financial institutions to make loans with local businesses.
The NewDEAL (Developing Exception American Leaders), an organization chaired by current and former lawmakers, awarded the BankLocal program the “New Ideas: Feature of Business” Award. The organization advocates for the exchange of pro-growth progressive ideas across sectors.
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Former Delaware Gov. Jack Markell, co-chair of the organization, lauded Magaziner for his efforts.
“Treasurer Magaziner’s efforts in Rhode Island are especially important as capital has become increasingly difficult to come by for small businesses and startups, which are crucial for job creation,” Markell said.
The BankLocal program moves state deposits into local banks and credit unions that offer loans to small businesses in Rhode Island. To date, the state has deposited more than $19 million to local financial institutions that have made about 175 small-business loans.
“I am pleased that BankLocal is being recognized for its role in economic growth and job creation in Rhode Island,” Magaziner said.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
