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Pennsylvania Launches Small Business Growth Lending Program
HARRISBURG, Pa. -- Pennsylvania is partnering with Sovereign Bank to offer up to $250 million in loans to entrepreneurs and growing businesses through the new Pennsylvania Small Business Growth Lending Program, according to Gov. Edward G. Rendell. Effective immediately, Sovereign Bank will provide loans ranging from $250,000 to $2.5 million throughout 2005 for companies with less than $10 million in annual revenues. Interest rates offered will be below market rates.Sovereign Bank's goal is to focus on small businesses, which create more than two out of three new jobs nationally and promote diversity and economic advancement. The Pennsylvania Small Business Growth Lending Program will offer tailored, flexible repayment terms and amortization options, including extended terms for real estate and interest-only payment options for one year. There are no pre-payment penalties, Rendell said.The program will be coordinated through the state Department of Community and Economic Development and also will be administered in partnership with local Chambers of Commerce throughout Pennsylvania.The Small Business Growth Lending Program will work concurrently with other site preparation, infrastructure and business investment programs, Rendell said.Visit Sovereign Bank: www.sovereignbank.com"