A group of senior-level bank representatives, consisting of Senior Commercial Loan Officers, CRA Officers and Community Development Officers from BB&T, Industrial Bank, PNC Bank, Revere Bank, Sonabank, TD Bank and Wells Fargo attended a Forum hosted by FSC First, in collaboration with several of the County’s economic development leaders, at their offices in Largo, MD. The purpose of the Forum was to highlight prevailing opportunities for public-private financing.
Click here to view the full presentation from our panelists.
L to R: Ebony Stocks (PGCEDC), Donny James (Revenue Authority), Howard Ways (Redevelopment Authority), Shelly Gross-Wade (FSC First), Dawn Medley (FSC First), Tom Himler (Office of the County Executive) and Antonio Doss (SBA)
Shelly M. Gross-Wade, President & CEO of FSC First, presented opening remarks and thanked the audience of approximately 50 bank, economic and community development leaders for accepting the invitation to learn about opportunities for financing on key economic development projects in the County.
Tom Himler, Deputy Chief Administrative Officer for Budget, Finance, Economic Development and Administration, highlighted the County’s competitive economic factors and presented an optimistic Economic Outlook, including targeted “generational” projects and redevelopment projects for the County, that represent more than $9 Billion in economic development activity. He concluded his presentation by stating, “The foundation has been set for the continuation of a tremendous economic development period. Generational projects include the regional medical facility planned for Largo, the MGM National Harbor Resort in Oxon Hill, the FBI headquarters — all will have catalytic impact for decades into the future. We [the County Administration] are willing to enter into public-private partnerships with the private sector to bring these and other projects to fruition.”
Jim Coleman, President & CEO of the Prince George’s County Economic Development Corporation, presented the tipping points for a hyper growth economy, including the recent results of an economic index survey and highlighted the targeted industry sectors that are expanding and relocating in the County.
A panel comprised of Donny James, Chief Real Estate Officer of the Prince George’s County Revenue Authority; Howard Ways, Executive Director of the Redevelopment Authority of Prince George’s County; and Dawn R. Medley, Vice President of Business Financing Programs — presented several planned projects, in excess of $1 Billion, requiring public and private financing, in the short term, that ranged from $5,000,000 to more than $175,000,000.
In recognition that the background of every growing and successful community is dependent upon its Main Street and small business, SBA Updates were presented by Antonio Doss, District Director — SBA Washington Metro Area. Mr. Doss commented that he was “pleased to report that SBA lending in the County is trending upwards, as the County ranked #4 in number of loans approved by SBA and #2 in dollar amount of loans approved in the Metro Area — only behind Loudoun County, VA.
Mr. Doss announced the SBA continues to implement new initiatives to support participating lenders. He highlighted the new Business Loan Assistance and Support Team (BLAST) Program that was created to provide immediate counseling and technical support to borrowers who have become delinquent on their SBA guaranteed loan. He stated this early stage intervention is designed to provide solutions that could potentially avoid the lender having to liquidate the defaulted borrower. He also announced the Emerging Leaders Program which is a 7-month intensive business management training program that requires business owners and managers to attend 3-hour training sessions bi-weekly to enhance their business knowledge and aptitude.
Kathryn Clay, Chairman of FSC First, thanked Shelly Gross-Wade and FSC First for hosting the event that gave the bank partners direct access to the County’s decision makers. She stated this should be an annual event for the opportunity to receive updates on the economic climate of the County and prevailing opportunities for public-private partnerships.
“As Chairman of FSC First, it gives FSC more visibility, allows us to let everyone know the good things we are doing, and allows everybody to know how much we’ve increased our lending and leveraged the dollars we have to really support businesses in the County,” said Clay. “It allows us, in a more intimate fashion, to know what’s going on in the County. This [event] reinforces to the bank partners that we need to be more engaged.”
You can watch a video of the event below!