Our Business Investment and Growth Program is one more example of WSSC Water's pledge to be a force for good in our community.
WSSC Water developed the Business Investment and Growth Program to give a lift to local businesses, by giving local community banks incentive to provide loans to those businesses.
Under the program, WSSC Water will deposit $16 million in participating community banks, which then will leverage those funds to make double that amount - more than $32 million - available to local businesses as loans.
The BIG program is another example of WSSC Water's commitment to promote economic development in the communities we serve. That in turn generates jobs and provides residents with goods and services they need and want. And it provides WSSC Water with a competitive rate of return on its deposits.
Amendments to the BIG Regulation were approved by the Commission on May 19, 2021. To be eligible to participate in the BIG program, effective July 1, 2021, banks must meet these requirements:
- Be headquartered in Maryland or the District of Columbia with at least one branch or loan office in Montgomery or Prince George's County
- Have assets less than $15 billion
- Have a "green" or better Veribanc rating in two of the last four quarters
- Cannot be subject to any adverse agreement with a regulatory authority
- Must lend within 12 months of WSSC Water's commitment
To get more information on BIG, contact WSSC Water's Chief Financial Officer at 301-206-8565. Please refer to the amended regulation using the link below: