The survival of small businesses across Rhode Island depends on the General Assembly, according to several business leaders who pleaded yesterday with lawmakers to approve a loan program that may cost taxpayers $25 million.

The proposal –– among the highlights of the economic stimulus package Governor Carcieri released last month –– could save thousands of jobs at more than 100 small businesses, supporters told the House Finance Committee.

But the plan’s cost, and its risks, became clear yesterday. The state would have to borrow $25 million, known as a “moral obligation bond,” to help guarantee hundreds of millions of dollars in bank loans to private companies.

Full Story: R.I. lawmakers cool to small business loan Source: Providence Journal, January 22nd, 2009 Author: Steve Peoples Added on January 22nd, 2009 at 11:17 am, by Matt Mikula