Magaziner Tells GoLocal LIVE 150 Loans Created in Last 6 Months Via New RI "BankLocal" Program

Magaziner Tells GoLocal LIVE 150 Loans Created in Last 6 Months Via New RI "BankLocal" Program

Rhode Island General Treasurer Seth Magaziner spoke to 150 small business loans being created in the last six months through the state's new "BankLocal" Program, made possible by $15 million in state deposits being moved to local banks and credits unions. 

The BankLocal program moves a portion of the State's cash into secure accounts at local banks and credit unions. The amount deposited in each lending institution is determined based on loans made to small businesses in Rhode Island.

"For over 100 years, Navigant has been delivering on our commitment to serve the communities where we operate," said Gary Furtado, CEO of Navigant Credit Union and one of the participating lenders. "The early success of this innovative program highlights the value of collaboration between government and the business community."