Creating quality jobs is critical to furthering state's economic growth

There is no doubt that Vermont's history of nurturing and developing small, innovative companies has been at the core of the state's economic spirit. It is this same entrepreneurial spirit that has inspired many to turn their ideas into profits.

As we know, Vermont is host to a very broad cross

Critical to sustaining and growing this economic climate is the need to develop programs that continue to enrich the lives of Vermont residents and businesses, by increasing cash flow and giving them the tools they need to thrive. But with stories of layoffs, buy-outs and closures highlighting our daily local and national news reports, how do we foster this interest, this desire to develop, grow and succeed? I'd like to introduce you to a program that's responding to local businesses needs and interests to expand and grow Citizens job Bank.

We at Citizens Bank take very seriously our role as a good corporate citizen and are proud of what our organization has accomplished. We listened to concerns raised by government officials, business leaders, and our customers who have told us that they need help in creating quality jobs. We talked, we listened, and we responded with a program that will offer $150 million in loan funds throughout New England for businesses looking to expand. The first of its land in the Green Mountain State, the Citizens Job Bank has the potential to create a substantial number of new jobs 'in Vermont by offering lowinterest loans to companies that commit to creating or expanding jobs.

This program is designed to provide creative, effective solutions to spur local business expansion. It offers companies financing at below-prime rates in return for the creation of new, full-time jobs. The program requires borrowers to create a minimum of one full-time job for every $40,000 borrowed at the fixed interest rate of 4.99 percent (3.26 percent below prime). The terms of the loan will require that the specified jobs be created within three years after the finds are borrowed.

We believe it is our corporate and community responsibility to look for ways to furter stimulate growth in the state and help companies who are interested in growing get the capital they need to prosper and succeed. The Job Bank program will enable Vermont businesses to grow their staff, expand facilities and add or upgrade machinery and equipment.

The Citizens Job Banks minimum loan size is $240,000 and the maximum is $10 million. Companies eligible for the program include any publicly- or privately-owned company doing business in Vermont or those contemplating expansion and economic development projects in the state. includes businesses in a broad array of industry sectors including manufacturing, information technology and life sciences.

Let's reward those companies who are making the investment to grow their businesses and create job growth in the state. We want to recognize and support those businesses who continue to show the dedication and commitment to bolstering and energizing our state's economy. By increasing productivity with quality job creation and retention we can improve Vermont's economy, and with it our communities and our people. Together we can help make our state an even better place to work, live and raise a family.

Companies interested in obtaining more information about the Citizens Job Bank can log on to wwwcitizensbank.com or contact me at 802-651-4444; or Peter McCarthy at 802-6514442, peter.mccarthy@ citizenbank.com.