Sovereign Bank, a part of the Santander Group, announced today that it is adding more than 200 Small Business Specialists who will be dedicated to supporting new and existing small business customers.
"Small business serves as the backbone of our economy and is a driver for job creation,” said Jack Murphy, Director of Small and Medium Enterprises at Sovereign Bank. "The addition of more than 200 Small Business Specialists throughout our footprint reinforces our commitment to the small business community. Sovereign Bank is delighted to support the growth and financial stability of our business customers."
The Small Business Specialist serves as a resource within the bank branch and is responsible for developing strong partnerships with small business customers to help ensure all of their financial needs are met. Possessing special skills and experience working in the small business segment, Small Business Specialists will play a critical role in Sovereign Bank’s commitment to the small business sector.
In addition, Sovereign Bank launched a new "Business Expansion Program," which sets aside a pool of $50 million available to small business customers for the purchase of certain assets at a competitive interest rate. The limited-time offer and financing at this low rate is available on a first-come, first-serve basis.
"Providing small businesses with the capital and credit financing they need is vitally important for their growth and success," added Murphy. "We are also pleased to be furthering our investment in the small business segment at a time when credit is tight."
As part of its Business Expansion Program, Sovereign Bank is also offering small business customers competitive rates on lines of credit, term loans and various leasing options. Sovereign Bank will also waive the commitment fee for the first year. Through the Business Expansion Program, Sovereign endeavors to kindle economic expansion among small business enterprises.
