WSSC Invests BIG in Local Business Community
OFFICE OF COMMUNICATIONS AND COMMUNITY RELATIONS
FOR IMMEDIATE RELEASE
LAUREL, MD – January 12, 2017: WSSC has launched a new Business Investment and Growth (BIG) program aimed at enhancing lending and economically empowering local businesses. The program encourages local banks to participate, providing an economic boost to local businesses and the economy. The announcement was made this morning at WSSC’s “How To Do Business With WSSC” event at its main headquarters in Laurel.
“Launching this program is a really BIG deal and we’re very excited,” said WSSC GM and CEO Carla A. Reid. “Providing high quality water to our customers is our number one priority, and we also want to do good for our entire community. This program helps us be part of job creation and stimulating the local economy.”
The BIG program follows the blueprint of successful programs instituted in Montgomery and Prince George’s counties. WSSC is committed to depositing $10 million in local participating community banks that, in turn, leverage the deposits 2:1, creating $20 million in available funds to be lent to small and local businesses.
EagleBank, Congressional Bank, Capital Bank, and Revere Bank have all agreed to participate in the BIG program. "We applaud the vision of WSSC in inaugurating this important program and in developing innovative solutions that will benefit all the citizens of Montgomery and Prince George's counties," said Ronald D. Paul, CEO of EagleBank. “We believe that participating in this program enables EagleBank and other local, community banks to build substantial new resources that can drive entrepreneurship, business expansion and job growth throughout both counties.”
According to the Independent Community Bankers of America, community banks make 53 percent of all small business loans in the United States despite having only 21 percent of deposits in the banking system. These investments help generate jobs and provide WSSC with a competitive rate of return on its deposits. The program adds another dimension to WSSC’s role as an economic engine in the region.
To be eligible, banks must be headquartered in Montgomery or Prince George’s counties and meet certain safety and soundness standards established by WSSC.
Established in 1918, today WSSC is among the largest water and wastewater utilities in the nation. We proudly serve the 1.8 million residents of Prince George’s and Montgomery counties, providing life’s most precious resource. WSSC drinking water has always met or exceeded federal standards.