WSFS Financial (WSFS) in Wilmington, Del., says that a discounted loan program it established late last year to help spur small-business expansion has been so well-received that the company is extending it through the end of June.
The Small-Business Loans-for-Job Creation Program took effect in late September and to date has helped the bank's business clients create more than 100 jobs, the $4.2 billion-asset WSFS said Monday.
Creditworthy businesses with up to $10 million of annual revenues are eligible for loans of up to $500,000 at a fixed rate with no closing costs and no associated fees. Companies that can document that the loans helped create or retain jobs can receive a 100-basis point discount on a standard small-business loan.
Initially slated to run through the end of December, the program has already been extended once and will continue to run through June 30 due to the ongoing demand.
In a news release, WSFS cited two examples of companies that have used the loans to grow their operations. One borrower, a landscaping company, said it used the proceeds from its WSFS loan to acquire another company, while a restaurant owner said she used the funds to open a second restaurant.
"We are thrilled to see local businesses benefit from the Small Business Loans-for-Job Creation Program," said Rick Wright, executive vice president of retail banking and marketing, said in the release. "With financial support, companies have been able to avoid layoffs, add new employees, purchase equipment and expand capabilities. We are excited to continue this successful program and further aid the broader economy in the communities we serve."