Rhode Island expands loan program for local small businesses
PROVIDENCE, R.I. (AP) — Rhode Island is expanding its loan program for local small businesses.
Treasurer Seth Magaziner announced Thursday that the state is making an additional $10 million available for the loan program called BankLOCAL, which incentivizes local banks and credit unions to lend to smaller Rhode Island businesses.
The program moves state cash deposits into participating banks and credit unions to match the amount lent to local small businesses.
Since it launched in 2017, the state has moved $30 million to local banks and credit unions that loaned money to 287 businesses, with 31% of the loans going to first-time business owners, veterans or women and minority-owned businesses.
Magaziner says the program keeps more of the state’s resources in Rhode Island and puts them to work for Rhode Island residents.