Newest Partnership Reinforces Bank’s Commitment to the City of Camden
Trenton, N.J. (November 10, 2008) – The New Jersey Economic Development Authority (EDA) has approved Susquehanna Bank as its newest Preferred Lender. The program, which supports Gov. Jon S. Corzine’s commitment to enhance New Jersey’s economy, streamlines the EDA’s loan-approval process and speeds the flow of capital to growing businesses in the state.
This is the latest partnership between the EDA and Susquehanna Bank. Susquehanna benefited under the 5-4-3-2-1 Business Lease Incentive program, which the state designed to attract businesses to Camden by providing rental rebates to commercial tenants within the city. Susquehanna, the first financial institution headquartered in the city in over two decades, is located in the Ferry Terminal Building on the Camden waterfront. The building is among the latest additions to the city’s revitalized waterfront and stems from an agreement between EDA and Steiner + Associates that established a comprehensive development plan for 30 acres between Camden’s Adventure Aquarium and the Ben Franklin Bridge.
“We are excited to once again partner with Susquehanna Bank to better serve the needs of residents and businesses in the City of Camden, and throughout southern New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “The Preferred Lender Program offers an attractive choice for EDA banking partners and their borrowers that seek affordable capital for fixed assets like buildings and equipment, working capital for operating expenses and refinancing higher-cost debt.”
“Susquehanna Bank is honored to become part of the EDA’s Preferred Lender Program,” said Joe Lizza, president and chief executive officer of Susquehanna Bank. “This is an important time of growth for our company and we are excited about the opportunity to further enhance our commitment to the City of Camden and the markets that we serve.”
The Preferred Lender Program features a three-day turnaround time for loan approval and applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan. It is designed to create new opportunities for EDA’s lending partners because it makes funds available at below-market interest rates with flexible terms for growing New Jersey businesses. Quick turnaround time from approval to closing provides a strong incentive for borrowers, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk.
Under the Preferred Lender Program, the EDA provides up to 50 percent of the bank loan amount for fixed asset loans, with a maximum participation of $1.25 million and a maximum guarantee of $1.5 million. For working capital loans, the EDA offers up to 50 percent of the bank loan amount, with a maximum participation of $750,000 and maximum guarantee of $1.5 million. EDA participation and guarantee terms may be up to 10 years for fixed asset loans and up to five years for working capital loans. Businesses must be New Jersey-based, in operation for at least two years, and commit to creating at least one new job per $50,000 in EDA exposure. Manufacturers need only to maintain one job per $50,000 of EDA exposure.
Susquehanna Bank operates branches throughout Atlantic, Burlington, Camden, Cumberland and Gloucester counties in New Jersey. It is a subsidiary of Susquehanna Bancshares, Inc., which has assets of $13.5 billion. Through its subsidiaries, Susquehanna Bancshares operates additional bank branches throughout the Mid-Atlantic region. For more information, please visit www.susquehanna.net.
The EDA is a state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing and incentives, access to technical support and real estate development assistance.
For more information on the EDA’s Preferred Lender Program, please visit www.njeda.com. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.