Program to boost Rhode Island jobs

Posted on November 5, 2018

A new program will help bolster Rhode Island jobs.

Rhode Island Treasurer magazine and Rhode Island’s business and veteran communities announced a new incentive to support small business loans to veteran-owned businesses through the state’s BankLOCAL program.

“Small businesses are the backbone of Rhode Island’s economy, but too many entrepreneurs have a hard time getting loans to grow their businesses and hire more people,” said Treasurer Magaziner. “That’s why I started the BankLocal program, where we are moving millions of dollars to community banks and credit unions when they make loans to Rhode Island small businesses.”

“I am pleased to announce that BankLOCAL is now providing extra incentive to lend to veteran-owned small businesses in the Ocean State,” Treasurer Magaziner continued.

Treasurer Magaziner’s BankLOCAL initiative is moving millions in state cash -which has historically been deposited in big national and international banks- back home to Rhode Island credit unions and local banks. Since the program launched, in 2017, BankLOCAL has moved more than $20 million back to Rhode Island, supporting loans to more than 200 small businesses.

“Operation Stand Down Rhode Island is proud to support this initiative that not only encourages veteran business owners but enables them by giving them access to the capital they need. This initiative creates another important opportunity for our veterans and we congratulate Treasurer Magaziner for spearheading this effort,” said Operation Stand Down Rhode Island Executive Director Erik Wallin.