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Leggett Announces County Investment in “Small Business Plus!” Program with Local Community Banks Leverages $128 Million in New Private Small Business Loans, 286 Jobs in 2016

For Immediate Release: Monday, May 1, 2017

County Executive Ike Leggett today announced that nearly $46 million invested by the County in County community banks in the “Small Business Plus!” program  in 2016 leveraged over $128 million in new private small business lending and directly created 286 jobs.

The program, first established in June 2012 with an initial $10 million County investment, represents a unique collaboration between Montgomery County and community banks headquartered in the County, “Small Business Plus!” was developed to promote job growth through small business lending and earn a competitive rate of return for the County on its investment.

Since 2010, the Small Business Plus! program as generated an estimated 1,354 jobs and earned County taxpayers over $608,000 in interest earned.

“This partnership with community banks boosts new lending to local businesses to create new jobs and improve the County’s economy,” said County Executive Leggett. “This is an opportunity for Montgomery County to do ‘well’ -- and do ‘good’ at the same time,” added Leggett.

“I was proud to be involved at the inception of this successful ‘invest local’ program that leverages public dollars to promote and support private sector growth,” said County Council President Roger Berliner.

“Today’s announcement confirms what we already know—that investing in small business pays dividends across our entire community,” said Councilmember Nancy Floreen, an early champion of the program. “Local banks plus local businesses equals local jobs, and that’s exactly what we need.”

Banks are eligible to participate if they meet the following criteria:  they must be headquartered in Montgomery County; must have assets greater than $200 million and less than $10 billion; and meet certain safety and soundness standards established by the County.

Under the program, a participating bank must originate the loans within 12 calendar months of the commitment by the County to make a program related deposit in that bank. All of the funds deposited will be covered by FDIC (Federal Deposit Insurance Corporation) insurance.  

Among the banks who partner with the County are Capital Bank, Congressional Bank, and EagleBank.

“We are very pleased with the ongoing success of the Small Business Plus! Program and proud of our continued leadership role in working with Montgomery County provide funding to local small businesses,” stated Ronald D. Paul, Chairman and CEO of EagleBank. “These local businesses and the development projects funded by the loans made under this program are critical to creating new jobs and enhancing economic growth in the County. Community banks are the key providers of financing to small businesses. As such, we truly appreciate the County’s continued support of this program which fosters continued lending and economic activity. “

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Release ID: 17-439
Media Contact: Patrick Lacefield 240-777-6507