January meeting set on development bank

December 30, 1992

Representatives of local banks interested in forming a community development bank will meet with members of Carroll County's Economic Development Office in mid-January, county business development manager William Jenne told county commissioners Monday.

The bank, to be financed by the county government and local commercial banks, would make low-interest loans to businesses seeking to locate in Carroll.

"This would be for-profit to help businesses who cannot apply for a commercial loan, but are still good investments," Mr. Jenne said.

Carroll County Bank and Trust, Taneytown Bank and Trust, Union National Bank, Westminster Bank and Trust, Bank of Maryland, First National Bank and Frederick County Bank and Trust have all expressed interest in the concept.

Whether they choose to participate will probably be determined by how much money each bank needs to invest to start the community development bank, Mr. Jenne said.

These institutions are vital to the proposal, he said.

"Those are the most active banks in Carroll County," Mr. Jenne said. "If they choose to be partners in this venture, that will be perceived by the other financial institutions as a leadership role.

D8 "Then we can go out and try to get other investors."

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