Rhode Island Treasurer Seth Magaziner's BankLocal program, which supports loans to Rhode Island small business through deposits in local banks and credit unions, is a finalist in the 2017 New Ideas Challenge recognizing the best ideas for expanding economic opportunity and improving government.
"Small businesses are the backbone of Rhode Island's economy, but too many entrepreneurs struggle to get the loans they need to create jobs and grow," said Treasurer Magaziner. "That's why I started the BankLocal program, which moves millions in state cash to local banks and credit unions when they lend to Rhode Island small businesses."
"I am pleased that BankLocal is being recognized for its role in economic growth and job creation in Rhode Island," continued Treasurer Magaziner.
The BankLocal program moves a portion of the State's cash into secure accounts at local banks and credit unions based on loans made to small businesses in Rhode Island. In its first year, BankLocal has moved more than $19 million into local banks and credit unions, supporting loans to more than 175 small businesses in Rhode Island.
"Treasurer Magaziner and his fellow finalists have made proposals that, together, set a governing agenda for the country to follow and for making the economy and government work better for the American people," said NewDEAL Executive Director Debbie Cox Bultan.
BankLocal is a finalist in the "Future of Business" category for ideas that spur innovation and entrepreneurship. Winners will be announced on Thursday, November 16.
The New Ideas Challenge is open to the 155 members of the NewDEAL (Developing Exceptional American Leaders), an organization chaired by U.S. Senator Mark Warner and former Delaware Governor Jack Markell to support the exchange of pro-growth progressive ideas and through engagement with top public, private, and non-profit sector officials.
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