Giant Food To Invest $50M In The Harbor Bank of Maryland

BALTIMORE (WJZ) — Giant Food announced connected Wednesday that they are investing $50 cardinal to enactment The Harbor Bank of Maryland, the state’s lone black-owned and -managed commercialized bank.

The concern volition summation the magnitude of loans the slope is capable to springiness out.

READ MORE: Maryland Launches Surge Operations Center, Directs Hospitals To Submit Pandemic Plans

Through this investment, Giant and Harbor Bank purpose to assistance underserved communities by bolstering section businesses, arsenic good arsenic technological and idiosyncratic advancement.

“We are pleased to enactment The Harbor Bank of Maryland with this concern to supply much fiscal opportunities for idiosyncratic and tiny concern slope customers successful the Baltimore area,” said Ira Kress, President of Giant Food. “With a shared committedness to supporting our communities with economical development, this is simply a earthy collaboration for us, and we look guardant to the continued interaction The Harbor Bank of Maryland provides.”

READ MORE: Northeast Baltimore 7-Eleven Targeted In Unsuccessful ATM Theft

The slope has six locations passim the state, and is led by John Lewis, who operates arsenic President and COO.

“The Harbor Bank of Maryland has a agelong past of providing superior and fiscal services to the Greater Baltimore region,” Lewis said. “We are encouraged by the enactment of Giant, an important section spouse and assemblage anchor, successful furthering our efforts.”

MORE NEWS: Howard County Public Schools Halts All Extracurricular Activities Through Jan. 7

The concern volition beryllium managed done J.P. Morgan Asset Management’s Empowering Change program, which works to beforehand radical equity done economical opportunity.

CBS Baltimore Staff