Newport, DE (September 27, 2005) - Governor Ruth Ann Minner and Citizens Bank of Delaware President and CEO Richelle Vible announced today that the state and Citizens Bank have formally signed an extension of their partnership that is expected to provide millions of dollars in grants and low-interest loans to Delaware companies.
Citizens Bank will continue to partner with the state through Governor Minner's Competitiveness Fund and the Technology Based Seed Fund with a matching low interest loan program, known as the Citizens Business Bank, through fiscal year 2006. Citizens Bank will increase its maximum loan under the Competitiveness Fund, which supports Delaware manufacturing companies, from $1 million to $1.25 million. Citizens will also allocate a total of $1.5 million to assist in the development of technology based small businesses, matching the $1.5 million from the state under the Technology Seed Fund.
Under the agreement, Citizens Bank has expanded its previous partnership, originally announced in June 2004, to include low-interest loans to companies that receive assistance from the Delaware Strategic Fund.
"This extended partnership with Citizens Bank will continue to leverage the benefits of my New Economy Initiative," said Gov. Minner. "Citizens Bank clearly values the importance of supporting our existing Delaware companies and providing much needed capital for companies just launching their businesses."
The press conference was held at Delaware Metals in Newport which is the latest company to expand its operations through the state's partnership with Citizens Bank. Delaware Metals, which has been in business since 1953, will use the funding to purchase new production equipment and an updated software system through the assistance of a combined $430,000 low interest loan.
To date, four companies have benefited from the Citizens Bank/State partnership through the Competitiveness Fund, including Dogfish Head Brewery in Milton, PATS Aircraft in Georgetown, Craig Technologies in Seaford and Delaware Metals. This funding will collectively benefit Delaware's economy by adding 70 new jobs and $16 million annually to the state.
"Citizens Bank is proud to support the Delaware business community and Delaware Metals in its expansion through the Citizens Business Bank," said Vible. "We look forward to continuing to work with the Governor to help companies in Delaware and provide them with the support they need to grow and create new jobs."
"By expanding this partnership, Citizens Bank is continuing its outstanding contribution in supporting Delaware's economy," said Delaware Economic Development Office Director Judy McKinney-Cherry. "I thank Richelle Vible for her leadership and Citizens Bank's commitment to ensuring our state's businesses continue to remain vital."
Businesses interested in learning more about the Citizens Business Bank, the Competitiveness Fund, the Technology Based Seed Fund or the Strategic Fund should contact the Delaware Economic Development Office at (302) 739-4271.
Citizens Bank (Delaware) is a $1 billion bank with 24 branches and 41 ATMs. It is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees in a 13-state retail branch network and non-branch offices in more than 30 states. Citizens is the eighth largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).~