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R.I. financial leaders say details needed on new PPP terms

PROVIDENCE – The newly inked Paycheck Protection Program Flexibility Act offers what many consider much-needed leeway for struggling small businesses. But local financial advisers and...

Five Questions With: Sandra Parrillo

Sandra Parrillo is CEO and president of The Providence Mutual Fire Co., and was recently elected to The Washington Trust Co. board of directors....

Local lenders report slowdown in PPP applications but increased anxiety over...

PROVIDENCE – The flood of applications from small businesses desperate for payroll relief has slowed to a trickle, local lenders say. But while demand for...

Five Questions With: Michael Clarkin

Michael Clarkin serves as senior vice president and corporate sales manager for The Washington Trust Co., where he has worked since 2010. He previously...

WashTrust CEO: Diversified income sources help bank withstand pandemic impact

WESTERLY – The first-quarter earnings report released by Washington Trust Bancorp Inc. on April 27 indicates The Washington Trust Co. is better positioned than...
THE WASHINGTON TRUST CO. posted an $11.9 million profit in the first quarter of 2020, a 32% decline from one year prior. / PBN FILE PHOTO/SCOTT KINGSLEY

Washington Trust posts $11.9M Q1 profit, 32% drop from last year

WESTERLY – Washington Trust Bancorp. Inc., the parent company for Westerly-based The Washington Trust Co., saw a 32% drop in profit compared to the...

Local lenders welcome flexibility to work with borrowers under stimulus package

PROVIDENCE – Paycheck relief loans are the topic du jour when it comes to the federal stimulus package and lenders, but that’s not the...
THOUSANDS OF U.S. small businesses are entering their second week of waiting for federal loans related to the COVID-19 pandemic. / AP FILE PHOTO/STEVEN SENNE

‘Absolute chaos’ as businesses try to tap into rescue funds

NEW YORK (AP) – Desperate small-business owners who hoped for a quick government lifeline to help them survive the coronavirus crisis are still without...
1617 Mineral Spring Ave. (1974)OWNER: Pawtucket Credit UnionTENANT: Pawtucket Credit Union

Local lenders strapped for capacity as PPP opens to new applicants

PROVIDENCE – The initial surge in applications from small business owners clambering to get their shares of a federal payroll relief program have abated...
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...

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