Capital loan program launched in Pennsylvania

10/28/2011

Wayne, Pennsylvania-based Penn Liberty Bank recently announced its Business Capital Access Program, which aims to provide small business loans to the state's southeastern businesses to support capital requirements and job creation.

The program was made possible by a $20 million loan provided by the U.S. Treasury Department's Small Business Lending Fund last month, the Philadelphia Inquirer reports. Funds will be available through the first quarter of 2012, with donations of up to $2 million for creditworthy businesses that have annual revenues of up to $10 million.

"We remain dedicated to helping our communities by providing funds to area businesses facilitating expansion and job creation activities," said president and COO Brian Zwaan. "Economic downturns have hurt area businesses and continued uncertainty has delayed expansion decisions. Penn Liberty Bank is ready to help support businesses who want to move forward with growth plans."

Chairman and CEO Patrick J. Ward added that Penn Liberty has distributed more than $100 million to local businesses over the past year, and the CAP initiative will allow the bank to have an even greater impact on the area.

The Inquirer points out that Wilmington, Delaware-based Wilmington Savings Fund Society launched a similar loan program last month.