Sovereign Bank, part of the Santander Group, has launched "Boost Your Business," a program to help small- and medium-sized businesses grow by providing access to $1 billion in capital at market-leading rates, according to a statement.

Sovereign chose National Small Business Week to introduce its year-long program dedicated to helping local businesses grow, stimulating economic activity and creating jobs.

"From local small enterprises to larger businesses, Sovereign Bank is dedicated to helping them grow through our new ‘Boost Your Business’ program," said Jack Murphy, director of small and medium enterprises at Sovereign Bank. "These businesses are the engine of our economic recovery and Sovereign is reinforcing our commitment to providing them with the financial backing they need to grow and thrive."

As part of the program, Sovereign is offering everyday market leading rates and fee discounts on business lines of credit for working capital, and term loans and commercial real estate loans to help businesses expand. It is also offering rate discounts on leases and has introduced two new step rate loan products, allowing larger businesses to take discounts in the first year(s) of their loan.

Boost Your Business is offered through Sovereign’s network of over 700 branches across the Northeastern and Mid-Atlantic U.S., as well as in-market relationship managers who are specifically dedicated to support businesses. To provide additional support for the initiative, Sovereign will add to its front-line sales and support banking staff.

"Sovereign is providing additional capital for businesses and adding internal resources at this critical juncture in our economy because we believe there is a tremendous need in the marketplace for a lender to step up to help these small and medium sized businesses," said Murphy. "Because our credit decisions are made locally in each of our markets, we can provide businesses with the quick response and service that they need."