46 (revised 11/2017) WSSC’s FY 2017 OSDI Programs’ Performance Results Report A BIG YEAR FOR WSSC CONT. the exact needs and concerns of the local, small, and minority businesses,” Beach says. The OSDI is supporting this effort by disseminating information about bonding and insurance, additional resources for accessing capital, and providing access to support services for business owners to learn about growth and sustainability for their businesses. WSSC’s Finance and Procurement Departments along with the OSDI also organized outreach activities such as “How To Do Business With WSSC” and “Access to Capital, Bonding & Insurance” events. Beach describes, “We wanted to take a simple and better approach to program regulations. The Commission’s sign-off on the SP was the final and most important piece to ensure the successful launch of the BIG Program.” Participating banks are required to be headquartered in Prince George’s or Montgomery counties; hold assets between $200 million and $10 billion; not be subject to an adverse agreement with a regulatory authority; be capable of lending within 12 months of commitment with WSSC; and maintain a Veribanc rating of green or better. For this first year, WSSC invested $12 million into the participating banks’ as part of their Certificate of Deposits Account Registry Service (CDARS) program that ensures that the funds are covered by the Federal Deposit Insurance Corporation (FDIC) limits. To participate and receive WSSC deposits, the banks had to commit to loan out at two times the rate of WSSC deposits: if WSSC deposits equal $1 million, they must make $2 million available to local businesses, subject to the bank’s loan underwriting criteria. The BIG Program expands the banks’ deposit base, helps to diversify the WSSC supplier base, and supports local economic development, which is consistent with WSSC’s policies and strategic priorities. “This is basically a virtuous circle where we are supporting the local business community, which is good for WSSC and our customer base. WSSC is also benefiting from the BIG Program by getting a favorable rate for their deposits, earning a return that is the current rate of the FDIC weekly national rate plus 50 basis points.” While it is not possible to determine the exact impact of the BIG Program at this time without calculated reports, one can estimate from other similar programs that by making capital available to local businesses, WSSC is contributing to job creation. Based on this year’s outcome, WSSC anticipates expanding the BIG Program by increasing the amount of deposits, and thus the amount available for loans. “I look forward to seeing the first annual report. We’re also going to be checking in with the banks to follow the progress on loans. Based on my experience, though there are high levels of participation, the major challenge will be growing the program. Right now, we have $12 million invested, and would like to expand that figure when we renew the program next year. It’s really a way to support local job creation and make an impact in the local economy,” says Beach. Overview & Points of Contact: https:/ /www.wsscwater.com/big