The bank will focus on granting loans in eight states, including N.J., targeting women-owned businesses.New Jersey will be among eight states to benefit from a five-year, $4 billion loan program created by PNC Bank (NYSE: PNC) to assist woman-owned businesses. Under the new multistate program, which also covers Washington, D.C., the Pittsburgh-based financial services firm will focus on granting loan packages to companies where women have an ownership stake of at least 51%.
The bank says that a similar program launched last year funneled about $1 billion to women-owned firms, with individual financing packages averaging about $60,000.
New Jersey, Philadelphia, and Washington, D.C., are among the banks” most active regional areas with respect to women-owned business clientele, a PNC spokeswoman said. Company shares lost $0.48 to $70.44 in afternoon trading.