Citizens launches new ‘Job Bank’ program

Citizens Bank has unveiled a second “Citizens Job Bank,” extending a program designed to spur the creation of new jobs in New England.

The new program will establish a $150 million below-market-rate loan fund that the banks says will create up to 3,750 additional full-time jobs in New England.

The first $100 million loan program, which was launched in New Hampshire in February 2005, resulted in 89 loans, valued at $93 million, with an additional 37 loans in process, at $54 million, for a combined total of $147 million

In New Hampshire, Citizens approved and closed over $20 million in loans to 24 businesses, which will create over 500 new jobs.

The new loan pool of $150 million requires that borrowers create a minimum of one full-time job for every $40,000 borrowed, at an interest rate of 4.99 percent – the rate is subject to change for new applicants. Terms of the loan will require that the specified jobs be created within three years after the funds are borrowed. The program could generate 3,750 new jobs in New England.

The Job Bank’s minimum loan size is $240,000; 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 loans can be used to make investments in machinery, equipment and buildings.

The New Hampshire Department of Resources and Economic Development will administer the loan program through its Business Resource Center and conduct annual audits to certify that borrowers fulfill job creation commitments. The agency also will market the program to companies already in New Hampshire and those businesses considering relocating to the Granite State.

For more information, visit nheconomy.com, or contact the New Hampshire Business Resource Center at 603-271-2591 or Citizens Bank at 1-888-358-0100. – NHBR STAFF