By: The Associated Press
PROVIDENCE, R.I.- Rhode Island is moving millions of dollars in state cash to local banks and credit unions.
General Treasurer Seth Magaziner, a Democrat, said Thursday that the new initiative he calls "Bank Local" could help small businesses get loans.
The money moving to six local financial institutions has historically been deposited in large national and international banks.
Magaziner's office says about $4.5 million has been deposited to in-state accounts since the initiative launched several weeks ago.
The amount is based on 47 loans made to local businesses with no more than 100 employees.
Qualifying loans are for up to $250,000.
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