Howard Bank Increases Funding For Renaissance Loan Program
Howard Bank has added $15 million to the funds available for its Renaissance Loan program. The locally owned bank has also expanded the program to Anne Arundel County.
The Renaissance Loan Program funds projects and developments in mature areas of the county, including the Route 1 and Route 40 corridors and a number of Columbia’s more mature villages. In Anne Arundel County, the bank is targeting the areas that parallel the Economic Development Authority’s Business Corridor Investment Loan Program, including parts of Brooklyn Park, Sun Valley-Pasadena, Glen Burnie and the West Street district of Annapolis.
Bank president and CEO Mary Ann Scully said the additional funds and expanded area present exciting opportunities for the bank and the communities it serves. The bank is using some of the $5.98 million in additional capital its parent company, Howard Bancorp, received when it issued non-voting preferred shares to the U.S. Treasury as part of the Treasury’s Capital Purchase program.
The Capital Purchase Program was created to benefit healthy financial institutions by further strengthening their balance sheets through the issuance of non voting preferred stock to the U.S. Treasury.
“We believe our participation in the Capital Purchase Program provides further affirmation of our financial strength and viability,” Scully said. “And it presents a unique opportunity to fund projects that will help our community through these difficult economic times.”
Howard Bank opened in August of 2004. It currently has branches in the Hickory Ridge Village Center in Columbia, on Snowden River Parkway in Ellicott City, on Johns Hopkins Road in Maple Lawn and on Route 40 in Ellicott City near its intersection with Centennial Lane.
For information about the bank, call 410-750-0020 or visit www.howardbank.com