Small Business Credit - Washington Trust Readies $20 Million In New Loans

Washington Trust has set aside around $20 million for small business credit through 2011 to help small businesses in Rhode Island. However, the bank is concerned that many small businesses will miss crucial deadlines set out by The Small Business Jobs Act of 2010. In addition, the bank also believes that too many small businesses have the mistaken belief that banks are not lending money in this economic climate so they are not applying.

“As Rhode Island’s largest community bank, we want to do our part to help to drive economic recovery and provide small businesses with the help they need to sustain or grow,” said Joseph J. MarcAurele, Washington Trust chairman, president and chief executive officer. “We want to assure small businesses that Washington Trust has money to lend and encourage them to call us with their loan needs.”

Together with The Small Business Act and the robust, general health of Washington Trust, the bank is able to provide loans from $25,000 up to $500,000 for such items as new equipment, capital acquisitions, and inventory.

Small businesses that are existing clients of Washington Trust need only go to their local branch with whom they normally deal with to secure this funding. New clients can contact the local bank outlet closest to where they live.

Washington Trust offers commercial banking, small business banking, personal banking, mortgage banking, and wealth management and trust options to both individual and corporations throughout the Northeastern states.