PA & Sovereign Bank in small-biz loans deal

"Pennsylvania officials said Wednesday that the state is teaming with Sovereign Bank to offer up to $250 million in loans to businesses with less than $10 million in annual revenues.

Through the Pennsylvania Small Business Growth Lending Program, Sovereign Bank will provide loans ranging from $250,000 to $2.5 million, at below market rates, according to a news release from the Rendell administration.

Sovereign Bank is a $60 billion financial institution with more than 650 bank branches in Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island.

From Pittsburgh Business Times.