Sovereign Bank Adding More Than 200 Specialists Dedicated To Supporting Small Business Customers

Commits pool of $50 million to new low-rate loan program to help small businesses grow and create jobs

Jun 10, 2010, 09:45 ET from Sovereign Bank

BOSTON, June 10 /PRNewswire/ -- 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.

About our company

Banco Santander (SAN.MC, STD.N) is a retail and commercial bank, headquartered in Spain. Founded in 1857, Santander had USD 1.665 trillion in managed funds at the end of 2009. Santander has 90 million customers, approximately 14,000 branches – more than any other international bank – and over 170,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. For more information on Santander, visit http://www.santander.com

Sovereign Bank, a subsidiary of Banco Santander, S.A., is a financial institution with principal markets in the northeastern United States. Sovereign has more than 700 branches, over 2,300 ATMs and approximately 8,000 team members.  For more information on Sovereign Bank, visit http://www.sovereignbank.com or call 877-SOV-BANK.

SOURCE Sovereign Bank



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