Howard Bank Expands Eligibility For Its Sustainability Loan Fund
Howard Bank is broadening eligibility for its “going green” Sustainability Loan Fund. The three-year $25 million fund encourages green building in Howard and Anne Arundel Counties and is available for renovation or new construction of commercial buildings and residential homes.
The bank will now give special consideration to applications for smaller projects, for which LEED certification may be impractical.
“Local government officials have signaled their commitment to the importance of environmental awareness for the health and wellness of future generations,” bank president and CEO Mary Ann Scully said. “We know from many conversations that Howard Bank shareholders, customers and strategic partners are supportive of that commitment to the future wellness of our community, and we are committed to helping them create that future state.”
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 that 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.”
Sustainability Fund loans are available for commercial construction, permanent commercial financing, home equity loans and lines and first mortgages.
Howard Bank, a locally-owned bank, opened in August of 2004 and 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