Montgomery County’s “Small Business Plus!” program generated $103 million in new small business loans and 380 new jobs in 2014. The county invested $50 million in the program which was established in 2012. As announced in a county news release:
Through 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. County funds are deposited in participating community banks — which agree to at least match each dollar with an equal amount in new small business lending.
“I am very pleased with the success of our ‘Small Business Plus!’ program over the past three years,” said County Executive Ike Leggett. “This 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—and we earned over $117,000 in interest on our deposits.”
“This is an opportunity for Montgomery County to do ‘well’ — and do ‘good’ at the same time,” added Leggett.
For more information read the county news release.