"The success of our 'Small Business Plus!' program means it makes perfect sense to increase the county's investment," County Executive Ike Leggett said. "The partnership with community banks boosts new lending to local businesses to create new jobs that lower the county's unemployment rate and improve the county's economy."
The county announced the program in June 2012 with a county investment of $10 million to support $20 million in small business loans from participating banks. The funds from the county were increased to $35 million in October 2013 to support $70 million in loans, according to the county. The program helped create more than 250 jobs in 2013 and 80 jobs in 2012, according to the county's Department of Economic Development.
"We have committed to lend into the community twice the amount of funds that we receive from the Small Business Plus program," EagleBank Chairman and CEO Ronald D. Paul said. "This support allows these local businesses to grow, create new employment opportunities and thereby improve the county economy."
To be eligible for funding under the program, banks must be headquartered in the county, have between $200 million-$5 billion in assets and meet soundness and safety standards, according to the county. The banks currently listed as participating in the program are Capital Bank, EagleBank and Congressional Bank.
"We are proud to participate in the Small Business Plus program," Capital Bank President Scot Browning said. "County money, derived from our local tax base, should remain in our community to support our community. Depositing taxpayer dollars in local banks to be lent back into the community is a win-win."