“Citizens
Job Bank” offers $150 million loan fund for New England businesses
BURLINGTON, VT. - Citizens Bank today announced a $150 million fund that will offer low-interest
loans to companies that commit to creating or expanding jobs in New England.
The
Citizens Job Bank, the first of its kind in the Green Mountain State, will help create more than 2,500 new jobs in Vermont and throughout New England.
Created
in response to concerns raised by government leaders and Citizens’ customers
that they needed help in creating jobs, the Citizens Job Bank program is
designed to provide creative, effective solutions to spur local business
expansion. It offers companies financing at below-prime rates in return for the
creation of new, full-time jobs.
The loan
pool requires borrowers to create a minimum of one full-time job for every
$40,000 borrowed at the fixed interest rate of 4.99 percent (3.26 percent below
prime). The terms of the loan will require that the specified jobs be created
within three years after the funds are borrowed.
“Citizens
Bank has a strong commitment to developing programs that enrich the lives of Vermont residents, “said Jim Keyes, Vermont Regional President of Citizens Bank.
“The loan fund will provide growing companies the capital they need at
the unmatched fixed interest rate of 4.99 percent, enabling them to add
personnel, expand facilities and add or upgrade machinery and equipment.
The
Citizens Job Bank’s minimum loan size is $240,000 and the maximum is $10
million. Companies eligible for the program include any publicly- or
privately-owned business in a broad array of industry sectors including
manufacturing, information technology and life sciences. The below-market loans
can be used to make investments in machinery, equipment and buildings.
About Citizens
Bank, N.A
Citizens Bank, N.A. has $17 billion in assets, and more than 230
branches and 260 ATMs throughout upstate New York and Vermont. It has 25
branches and 25 ATMs in Vermont. Citizens Bank, N.A. is a subsidiary of
Citizens Financial Group, Inc., a $164 billion commercial bank holding company
headquartered in Providence, R.I. Citizens has more than 1,600 branches,
approximately 3,200 ATMs and 26,000 employees in a 13-state retail branch
network and has non-branch retail and commercial offices in about 40 states.
Citizens is the eighth-largest commercial banking company in the United States ranked by deposits and ninth in assets as of March 31, 2006. Citizens is
owned by RBS (The Royal Bank of Scotland Group plc).Citizens’ Web site is
citizensbank.com
Paula C. Steele
Citizens Bank
148 College Street
Burlington, VT 05401
802-651-4445
802-951-8813 fax