Small businesses are the backbone of the Rhode Island economy, employing much of our private sector workforce.
Treasurer Magaziner’s BankLocal program is improving access to capital for Rhode Island small businesses by using the State’s cash to make secured matching deposits into participating banks and credit unions that are lending to small businesses in Rhode Island.
The goal of the program is to support local financial institutions as they lend to small businesses in Rhode Island, supporting economic growth and opportunity in the Ocean State. Loans to 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.
To date, BankLocal has moved more than $19 million to local banks and credit unions, matching over 175 small business loans in Rhode Island. You can find more about BankLocal here.