Sunday, February 19, 2017

Rhode Island Treasurer Announces Bank Local Program to Fund Small Business Loans

Rhode Island General Treasurer Seth Magaziner on February 16th announced "Bank Local", a community deposit program.

"Bank Local" program will move state deposits to local banks and credit unions to encourage loans to Rhode Island small businesses.

Currently, six Rhode Island banks and credit unions have joined the program, and in recent weeks more than $4.5 million has been deposited to in-state accounts for 47 qualifying local small business loans.

Qualifying loans are made by banks and credit unions to small businesses of up to 100 employees. Loan amounts cannot exceed $250,000. Loans can be secured or unsecured, term loans or credit lines. Participating financial institutions must meet minimum requirements for financial soundness, including proof of FDIC or NCUA insurance. All state deposits must be fully collateralized.

The amount deposited in each institution is based on loans made to small businesses in the community.

Read the press release.

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