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R.I. GENERAL TREASURER Seth Magaziner penned a letter to Rhode Island's lenders, urging them to process Paycheck Protection Program loan applications for all qualified small businesses in Rhode Island, not just for existing customers. / PBN FILE PHOTO/MICHAEL SALERNO

Magaziner: Lenders shouldn’t turn away ‘orphaned’ businesses from $349B emergency program

PROVIDENCE – R.I. General Treasurer Seth Magaziner is urging Rhode Island banks, credit uniosn and other lenders to stop turning away some small businesses...
THE WASHINGTON TRUST CO. is one of the lenders preparing for heavy demand from small businesses looking to participate in the federal Paycheck Protection Program, starting Friday. / PBN FILE PHOTO/SCOTT KINGSLEY

Stressed local bankers brace for overwhelming demand for new SBA loans...

PROVIDENCE – Local bankers are expecting an onslaught of demand from struggling small businesses looking to get a piece of the nearly $350 billion...

R.I. banks say they are ready to weather the coronavirus storm

PROVIDENCE – Plunging stock markets. Near-zero interest rates. An economic slowdown, social distancing and self-quarantines. Any one of these alone could spell trouble for...

What bank customers need to know: COVID-19 edition

PROVIDENCE – From reducing branch hours to deferring loan payments, banks across the state and the country are changing practices and policies in response...

Five Questions With: Kimberly McCarthy

Kimberly McCarthy was recently promoted by The Washington Trust Co. to senior vice president, chief tax and benefits officer, and head of client services...

Federal interest-rate cuts good for businesses, borrowers but bad for banks

PROVIDENCE – The emergency half-percentage-point cut in the federal interest rate is bad news for banks, at least from a revenue perspective. The Federal Reserve’s...

Washington Trust kicks off annual peanut butter drive

WESTERLY – The Washington Trust Co. kicked off its 20th annual peanut butter drive with more than 3,000 pounds of peanut butter at a...

SBA: Citizens, BankNewport top list of lenders to R.I. small...

PROVIDENCE – Citizens Bank was the top lender to Rhode Island small businesses through the U.S. Small Business Administration’s 7a loan program from Oct....

Magaziner highlights BankLOCAL success

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...
ECONOMIC CONCERNS: Panelists, from left, Kristen Urbach, Thomas O. Sweeney, Stefan Pryor, Mark K. W. Gim and Luke Ebersold discuss a variety of concerns at the PBN Economic Trends Summit while moderator Thomas Zitzouris looks on. / PBN PHOTO/MIKE SKORSKI

PBN summit: High business costs, education are concerns in R.I.

The Rhode Island economy has come a long way since the dark days of the Great Recession, when the unemployment rate was among the...

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R.I. sees three more COVID-19 deaths; cases total 1,229 | CVS to launch COVID-19 testing site at Twin River, doubling state’s capacity