Sovereign Bank will add more than 200 small business specialists across its coverage area, which the banks says will be dedicated to supporting new and existing small business customers.

"Small business serves as the backbone of our economy and is a driver for job creation," said Jack Murphy, director of small and medium enterprises at Sovereign Bank. "The addition of more than 200 small business specialists throughout our footprint reinforces our commitment to the small business community."

A small business specialist serves as a resource within the bank branch and is responsible for developing strong partnerships with small business customers to help ensure all of their financial needs are met, according to a statement.

Sovereign Bank has also launched a new "Business Expansion Program," and has set aside a pool of $50 million available to help small business customers purchase certain assets at a competitive interest rate. The limited-time offer and financing at this low rate is available on a first-come, first-serve basis, the bank said.

"Providing small businesses with the capital and credit financing they need is vitally important for their growth and success," said Murphy. "We are also pleased to be furthering our investment in the small business segment at a time when credit is tight."

Sovereign Bank is also offering small business customers competitive rates on lines of credit, term loans and various leasing options. Sovereign Bank will also waive the commitment fee for the first year.