Carcieri proposes guaranteeing loans to small firms
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R.I. Economy
A summit called by Gov. Carcieri looks at Rhode Island's sluggish economy.
Governor’s summit addresses the state’s economic plight.
Published: November 6, 2008
Updated: November 6, 2008
PROVIDENCE—Gov. Don Carcieri is considering using state resources to guarantee loans to small, cash-strapped businesses struggling with the credit crisis.
Carcieri said Thursday his administration is still negotiating the details with banks. He said the program would be designed to help small firms.
The loan program is among several ideas Carcieri’s administration is considering as a response to the state’s tanking economy. Rhode Island has been hammered by a bursting real estate bubble, the subprime mortgage crisis and an ongoing loss of manufacturing jobs.
The state’s unemployment rate hit 8.8 percent in September, the worst in the nation.
The plan could require approval from state lawmakers.
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