The loans, which can range in size from $1 million to $10 million, are available to any public or privately owned manufacturing or industrial business that seeks to relocate to this state or expand existing operations here. Borrowers are required to create a minimum of one full-time job for every $25,000 borrowed within three years after the funds are borrowed. The loans carry a fixed interest rate of 2.5%, which is 1.5% below prime.

The funds have a 10-year term for real estate projects and a five-year term for the purchase of machinery and equipment. To sweeten the pie, Citizens is waiving all of the fees that are traditionally tied to loan applications. The program begins this month, and the DCED is working with the bank to identify "worthy applicants," says Gov. Ed Rendell.

DCED will administer the program and market it to companies already in the state and others that are considering relocation here. In addition, it will conduct annual audits to certify that borrowers fulfill their job-creation commitments.

The Job Bank is designed to be an integral part of the governor's economic stimulus program currently under consideration by the state assembly. "This is a level of financial commitment that is unprecedented in Pennsylvania, and it is a terrific new tool to bring new jobs to Pennsylvania," says Rendell. Citizens has dual headquarters in Philadelphia and Pittsburgh.