Sec. 10-146. Legislative findings and declaration of purpose

The County Council for Prince George's County, Maryland, hereby finds that there is a need for access to capital by small and local businesses at a time when credit is not easily obtainable due to the economic challenges our country is enduring at this time; that community banks are more likely to make loans to small and local businesses; and that the County needs to promote small business lending and provide an overall economic stimulus to the County's economy; and that in order to effectively respond, the County Council for Prince George's County, Maryland hereby declares that it is the public policy of Prince George's County to establish a program to enhance local and small business lending by placing deposits in community banks located in the County to promote small business development and generate jobs for the benefit of County residents, while providing the County with a competitive return on those deposits, which will be covered by Federal Deposit Insurance Corporation (FDIC), and placed with community banks which are deemed safe and sound through the Community Bank Small Business Lending Program.