Official State of Rhode Island website

State of Rhode Island Office of the General Treasurer James A. Diossa, General Treasurer

BankLOCAL

BankLOCAL, Rhode Island Treasury’s community deposit program, currently holds around $33 million in state deposits, with the amount continuing to grow.

BankLOCAL supports local financial institutions as they lend to small businesses in Rhode Island, supporting economic growth and opportunity in the Ocean State.

BankLOCAL has facilitated loans for over 550 small businesses statewide, totaling more than $55 million in funding through local banks and credit unions. Of these loans, more than one-third have been extended to women-owned, minority-owned, first-time, or veteran-owned businesses.

If you are a small business owner in Rhode Island and would like to apply for a loan, please get in touch with one of these participating financial institutions: 

  • BankNewport
  • Bristol County Savings Bank
  • Westerly Credit Union
  • Centreville Bank
  • Navigant Credit Union
  • People’s Credit Union
  • Washington Trust

Deposits into participating banks and credit unions will typically match the amount lent to qualified small businesses in Rhode Island, that employ fewer than 100 employees. 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.

Rhode Island Treasury has no role in selecting or approving small business borrowers. Lending decisions are made by the participating banks and credit unions that have lending expertise in our communities and are making loans to small businesses. 

Any local bank or chartered Rhode Island credit union is eligible to apply to be part of the program. Participating financial institutions must meet minimum requirements for financial soundness, including proof of FDIC or NCUA insurance, and all state cash deposits must be fully collateralized.

You can learn more about the program, and how to become an eligible lending institution, by reading the Community Deposit Program Guide or by contacting Rhode Island Treasury’s Cash Manager, Evan LaBarge, at (401) 462-7650.

If you represent a qualified lending institution and need to submit a deposit request, please fill out the Community Deposit Form. You can email the form directly to our Cash Management team at cashteamrequests@treasury.ri.gov.