Monument Bank of Bethesda has received $11.4 million in federal funds to increase lending to small businesses, the U.S. Treasury announced Wednesday.
The money comes from the Small Business Lending Fund, which was created by the Obama administration to encourage banks to loan money to companies to expand and create new jobs.
Monument Bank is the second Maryland bank to receive money from the fund. Eagle Bancorp of Bethesda received $56.6 million in July.
The fund provides capital to community banks that hold less than $10 billion in assets.