Creating Jobs Through Lending
Citizens Bank has partnered with the Commonwealth of Pennsylvania to create an innovative job initiative that offers loans to companies that want to expand in exchange for guarantees of jobs. The Citizens Job Bank program recently celebrated its one-year anniversary with good news: the project provided nearly $34 million to industrial and manufacturing companies and created 1,353 new jobs in the state. The program requires one new job for every $25,000 borrowed, but loan funds are available at an interest rate of 2.5 percent.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 5, 6/05
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