Olney Ale House Re-Opening Supported by Green Bank and Sandy Spring Bank
The Montgomery County Green Bank (“Green Bank”) and Sandy Spring Bank have joined together to provide flexible financing to help re-open the Olney Ale House. The financing helps Olney Ale House introduce improvements to recover from a 2019 fire and from the impact of the COVID-19 pandemic all while reducing operating costs and energy consumption.
Through the Green Bank’s partnership with Sandy Spring Bank in the Commercial Loan for Energy Efficiency and Renewables (CLEER) program, Sandy Spring Bank is providing a loan to help Olney Ale House access the funds needed to install more efficient cooking equipment, air handling, windows, and climate controls. The kitchen will also be reconfigured to accommodate the restaurant’s growing take-out and delivery business resulting from the pandemic.
“Thanks to community support and our partnership with the Montgomery County Green Bank and Sandy Spring Bank, we look forward to welcoming our guests back to the Ale House,” said owner John Roach. “Because of funding through the Green Bank’s CLEER program with Sandy Spring Bank, we’re returning stronger, healthier, and more resilient than before.”
“This is the type of investment our community needs now more than ever, and we are honored to partner with the Montgomery County Green Bank for the fourth time to boost green, energy savings projects in commercial and residential properties in Montgomery County,” said Ken Cook, executive vice president of Commercial Banking at Sandy Spring Bank. “We look forward to visiting the Olney Ale House once it reopens to the community.”
“Our partnership with Olney Ale House and Sandy Spring Bank to provide CLEER financing for their recovery is at the heart of the Green Bank’s vision,” said Tom Deyo, CEO of the Green Bank. “We want to be right there with the County’s businesses, our partner lenders, and County government to assist commercial business property owners with improving operating benefits from energy savings as well as health, safety, and resiliency and help these businesses emerge from the COVID-19 pandemic.”
The Green Bank launched the CLEER program to support commercial, industrial, nonprofit, institutional, and multifamily properties. The CLEER program partners with community lenders to share the risk in loans that support businesses re-building with energy efficient measures that create healthier indoor spaces. These improvements bring short- and long-term operational benefits of reduced operating costs to the properties while the lower energy consumption supports to the County’s climate goals by reducing greenhouse gas emissions. The CLEER program provides 100% financing, extended loan terms (up to 12 years), and can include up to 30% of non-energy related costs.
About Montgomery County Green Bank
The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Green Bank supports the county by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. For more information, visit www.mcgreenbank.org.
About Sandy Spring Bancorp, Inc.
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 60 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.