State moves $15 million into banks for small business loans

PROVIDENCE, R.I. (AP) - Rhode Island’s treasurer says the state has moved $15 million into eight banks and credit unions to encourage lending to small businesses.

The Providence Journal reports ( ) the deposit is part of General Treasurer Seth Magaziner’s BankLocal program launched in December.

The program matches small business loans with deposits from state agencies. Loans can go up to $250,000 for businesses with 100 employees or fewer.

Magaziner says 150 loans from the eight lenders have qualified for matching deposits so far. The banks included are BankRI, Bristol County Savings, Centreville, Customer’s, Home Loan Investment, Navigant Credit Union, People’s Credit Union and Washington Trust.

The program has authorized up to $30 million in deposits.


Information from: The Providence Journal,