PROVIDENCE – The state is injecting a fresh infusion of $10 million into the Small Business Loan Program known as BankLOCAL, which incentivizes local banks and credit unions to lend to Rhode Island small-business owners.
Since the program launched in 2017, BankLOCAL has moved $30 million to local banks and credit unions, which have made small-business loans to 287 Rhode Island small businesses. Thirty-one percent of the loans have gone to first-time business owners, veterans, or women- and minority-owned businesses.
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The $10 million expansion of the loan program was announced last week by General Treasurer Seth Magaziner.
“Small businesses are essential to our economy,” Magaziner said. “BankLOCAL keeps more of the state’s existing resources in Rhode Island and puts them to work for Rhode Islanders.”
BankLOCAL moves state cash deposits into participating banks and credit unions, matching the amount they lend to small businesses in Rhode Island. Loans to first-time business owners, veteran-owned businesses, and women- and minority-owned businesses are eligible for a 2-to-1 matching deposit into the lending bank or credit union – up to $250,000 per loan.
Mary Lhowe is a PBN contributing writer.
