PROVIDENCE, R.I. -- Rhode Island Treasurer Seth Magaziner joined
members of Rhode Island's business and veteran communities to announce a new incentive
to support small business loans to veteran-owned businesses through the state's
"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.
With today's announcement, BankLOCAL will now incentivize
lending to veteran-owned small businesses with a 2-to-1 deposit with the bank
or credit union making the loan. BankLOCAL currently offers the same incentive
structure for first-time business owners, as well as women and minority owned
"Veterans provide a lot of talent for Rhode Island's
economy," said Kasim J. Yarn, Rhode Island's Director of Veterans Affairs.
"That's why expanding our state's BankLOCAL program to support Veteran
entrepreneurs is good business. I applaud the Treasurer for leading this effort
and recognizing that our Veteran-owned businesses are a smart investment for
"Navigant Credit Union is happy to be partnering with the
State of Rhode Island and the Treasurer's office in this effort to provide
loans to veteran owned small businesses. With today's announcement of the
expansion of BankLOCAL program, we will have additional opportunities to take
the funds invested in the Credit Union by the state and reinvest those funds in
the form of new loans to local veterans' small businesses," said Gary Furtado,
President and CEO of Navigant Credit Union.