Provident Bank and Fundation announced Tuesday the launch of a program to expand small business loan approvals for customers of the Jersey City-based bank.

With the new feature, small businesses can apply for term loans ranging from $15,000 to $250,000 and lines of credit from $20,000 to $150,000 and receive funds in as soon as one business day.

Fundation Chief Executive Officer Sam Graziano said the company’s platform was developed to serve the small business community with speed and convenience.

“This will enable us to effectively serve the growing small business market by providing the capital many small businesses need to grow and reach their full potential,” Josephine Moran, Provident Bank executive vice president, director of retail banking, said in a prepared statement. “In turn, this will assist these businesses to flourish and create new jobs in our communities.”

Virginia-based Fundation provides credit solutions through technology and application processing services.

Provident Bank is celebrating its 180th birthday this week by offering customers the chance to win prizes and enter a giveaway. On Wednesday, refreshments will be served at all branches to commemorate the occasion.