RI expands small business loan program
General Treasurer Seth Magaziner today announced a $10
million expansion to the State's Small Business Loan Program, BankLOCAL, which
incentivizes local banks and credit unions to lend to Rhode Island small
businesses.
"Small businesses are essential to our economy which
means it is critical to support Rhode Islanders who want to start or expand a
business in Rhode Island," said Treasurer Magaziner. "BankLOCAL keeps
more of the State's existing resources in Rhode Island and puts them to work
for Rhode Islanders."
Since the program launched in 2017, BankLOCAL has moved $30
million to local banks and credit unions who have made small business loans to
287 Rhode Island small businesses.
Thirty-one percent of the loans have been to
first-time business owners, veterans or women and minority owned businesses.
BankLOCAL moves state cash deposits into participating banks
and credit unions, matching the amount lent 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.
More information about BankLOCAL can be found here.
