County’s Green Bank prepares to dole out first loans
The Montgomery County Green Bank, an economic development entity created in 2016, is preparing to offer its first loan product after receiving about $14 million in funding as part of Exelon Corp.’s deal to purchase the local utility Pepco in 2016, according to The Washington Business Journal. The County Council established the Green Bank to provide local businesses with funds to promote energy-efficient projects around the county.
Companies can apply for the loans to replace equipment with more energy-efficient technology and then repay the Green Bank through their energy savings. Ideally, the bank would only lose money if a company defaults on its loan, according to the report. The bank has a lean workforce—it employs two workers, CEO Thomas Deyo and a director of business operations.
Rockville Chamber of Commerce CEO resigns
Michelle Day and the Rockville Chamber announced Tuesday that Day will resign as president and CEO of the business advocacy organization. Her last day will be June 30.
Day started in the role in 2015 and said she’s leaving because she and her husband plan to relocate to Atlanta to be closer to family.
“Being President and CEO of the Rockville Chamber has been the greatest opportunity for me professionally and I am leaving with very mixed emotions,” Day said in a statement. “I am proud to have seen this organization grow to a 300-plus member organization offering a diverse mix of education, networking and business development opportunities for our Chamber members.”
The organization’s Board of Directors has formed a committee to search for a new CEO.
Maryland gains 12,900 jobs in January
The state added 12,900 jobs—a gain of 0.5 percent—in January, according to federal Bureau of Labor Statistics jobs data released this week. The private sector added 14,600 jobs while the state lost jobs in the Government and Financial Activities sector. The job growth brought the total number of jobs in the state to 2.73 million. The unemployment rate remains at 4.1 percent, the same level it has been at since November.
Job sectors that realized the most gains include the Professional and Business Services sector, which added 6,700 jobs, and the Education and Health Services sector, which added 3,500 jobs.
EagleBank partners with D.C. United
Bethesda-based EagleBank is entering the soccer business. The regional bank this week announced it has signed a five-year deal to sponsor the Major League Soccer team D.C. United. The deal makes the company the official bank of the club and creates the “EagleBank Club” at the team’s stadium, Audi Field in Washington, D.C., which will offer premium seating.
EagleBank worked with the team in the past to provide a $25 million funding package so crews could install energy-efficient equipment and a new storm water retention system at the field. The improvements were provided through a partnership with the District’s Property Assessed Clean Energy Program.