Saturday, November 23, 2019

State makes additional $10 million available to support small business loans

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.