WILMINGTON, Del., April 16, 2012 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq:WSFS), the parent company of WSFS Bank, today announced that through the WSFS Small Business Loans-for-Job Creation Program alone, over 100 local jobs have been or will be created since its launch in September 2011. Due to the ongoing demand, the program has been extended until June 30, 2012.
WSFS Bank established the Small Business Loans-for-Job Creation Program as one way to encourage small businesses to immediately expand to help spur job creation in the down economy.
"We are thrilled to see local businesses benefit from the Small Business Loans-for-Job Creation Program," said Rick Wright, Executive Vice President of Retail Banking and Marketing. "With financial support, companies have been able to avoid layoffs, add new employees, purchase equipment and expand capabilities. We are excited to continue this successful program and further aid the broader economy in the communities we serve."
Small businesses from many industries have benefited from the loans-for-job-creation program, including those from retail and restaurant operations to investment and educational services to property maintenance and kitchen design companies.
These specific loans and subsequent job creation are in addition to the Bank's primary commercial lending activity, as well as conventional small business lending that further aided growth, expansion and employment.
"With the loan received from WSFS Bank, I was able to acquire an existing business with established clients in a strategic growth market," said Robert McCusker, President and Owner of Cider Mill Landscapes, a landscape design and construction company. "The process from application to settlement took only a few weeks and will afford me the ability to expand my service and increase profits, as well as keep and hire additional employees for years to come."
"I have enjoyed a long relationship with my small business relationship manager, Kelly," said Alison Blyth, Owner of go fish! restaurant in Rehoboth Beach, Delaware. "We discussed the idea of franchising my restaurant but I first needed to build a prototype that could be easily replicated by franchise owners. Thanks to Kelly and WSFS, I was approved for the job creations loan and opened my second restaurant in Lewes, Delaware. So far we have created more than ten jobs, and when the franchise business takes off, I anticipate many more jobs will be created."
Through June 30, 2012, creditworthy businesses with annual revenues up to $10 million that commit to using the funds for immediate investment (equipment investment, hiring of employees, etc.) will be eligible for loans up to $500,000 with no closing costs or other bank fees and at an attractive fixed rate. Business owners interested in the WSFS Small Business Loans-for-Job Creation Program can call Cheryl Rodriquez at 1-877-WSFSBIZ to learn more about this program.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest, locally-managed bank and trust company headquartered in Delaware with $4.2 billion in assets on its balance sheet and $9.3 billion in fiduciary assets, including approximately $1.0 billion in assets under management. WSFS operates from 49 offices located in Delaware (39), Pennsylvania (8), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Investment Group, Inc., Cypress Capital Management, LLC and Cash Connect®. Serving the Delaware Valley since 1832, WSFS is the seventh oldest bank in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.