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UNANIMOUS COUNCIL SUPPORT FOR LEGISLATION ESTABLISHING COMMUNITY BANK SMALL BUSINESS LENDING PROGRAM


For Immediate Release: 7/24/2013 3:00 PM

Contact: Angela Rouson / 301.952.7484

 

Council Bill 28-2013 Encourages Small Business Lending in Prince George’s County

 

The Prince George’s County Council, following a public hearing on Wednesday, July 24, 2013, unanimously adopted CB-28-2013, legislation establishing a Community Bank Small Business Lending Program in Prince George’s County. 

Council Bill 28-2013 requires Prince George’s County to maintain a minimum of $10 million in County deposits in locally-based community banks.  Participating banks would then be required to redistribute twice those assets as loans to small businesses located in the County.  

“Community banks are more likely to make loans to small and local businesses, which is critical during a time when credit is not easily obtainable,” says Prince George’s County Council Member Mary Lehman (D) – District 1, proposer of the bill.  “Partnering with our community banks to promote small business lending encourages job creation and promotes long term economic development.  CB-28-2013 is a win-win for everyone.” 

To qualify for participation in the Community Bank Small Business Lending Program, banks must be located in Prince George’s County; have assets between $200 million and $5 billion; and be in good financial standing.