County Executive Ike Leggett recently announced a tripling -- to more than $35 million -- of the County’s investment in the “Small Business Plus!” program, first established in June 2012 with a $10 million investment.
Thirty-five million dollars in County funds will be invested in participating community banks -- which will commit an equal amount -- with the result that $70 million will be lent to local small businesses to further promote the creation of new jobs.
Banks are eligible to participate if they are headquartered in Montgomery County, have assets greater than $200 million and less than $5 billion and meet certain safety and soundness standards established by the County.
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.
“Small Business Plus!” was developed through a collaboration between the County and community banks headquartered in the County. It is intended to promote job growth through small business lending and to earn a competitive rate of return for the County on its investment.
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