Title
AN ACT CONCERNING COMMUNITY BANK SMALL BUSINESS LENDING PROGRAM for the purpose of establishing a Community Bank Small Business Lending Program, to require bank participants to make loans to small businesses in the County in an aggregate amount of at least 200% of incremental funds deposited into the bank by the County, define eligibility requirements for participating community banks, and to institute reporting requirements for participating community banks.
Background
The proposed legislation establishes the Community Bank Small Business Lending Program in an effort to enhance local small business lending by placing deposits in community banks headquartered in the County to generate jobs for the benefit of County residents, while providing the County with a competitive return on those deposits.