HARTFORD, Conn. - Shawmut National Corp. said its Connecticut National Bank unit has committed $230 million in loans to Connecticut businesses in partnership with the state development authority's Connecticut Works Fund.

Under the preferred-lender program, which took effect in June, the state insures 20% to 40% of a commercial loan by a private bank against loss. That enables banks to extend credit to businesses that don't meet normal underwriting criteria, Shawmut said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.