Montgomery County joins with four local banks for strategic initiative to spur job creation.
Launched in 2012 by Montgomery County Executive Isiah Leggett, the Small Business Plus! (SBP) Program works by placing County deposits with community banks to generate jobs by boosting lending to local small businesses. The Program has spurred the creation of more than 250 jobs in 2013 and more than 80 jobs in 2012, along with over $71,000 in interest income for the County.
Participating banks, which include Capital Bank, Congressional Bank, Eagle Bank and OBA Bank, match County deposits 100 percent. The Program began with an initial total deposit of $10 million and as of December 31, 2013, had expanded to nearly $36 million in deposits. As a result, $71,817,442 million was available to local businesses via SBP loans and $71,606,189 in loans were made.
“EagleBank is proud to play a leading role in lending activity as part of the Small Business Plus! Program,” stated Ronald Paul, Chairman & CEO. “ We originated $59.5 million in small business loans under the program during 2013. I commend Montgomery County government for increasing its commitment to the program during 2013, as the deposits placed by the County under this program allow local community banks to fuel the growth of county based businesses. This led to the creation of over 250 new jobs in our County during 2013.”
“I don’t know where we would be without the Small Business Plus! Program and EagleBank,” said Randy Levenberg, CEO of Bethesda-based Encore Tickets, LLC. “Due to the loan we received, we were able to grow our business revenues by 30% in 2013, and EagleBank made the process easy. We are proud to call EagleBank a partner and proud to call Montgomery County home.”