Industrial Bank of Washington, DC joins US DOT’s Short Term Lending Program
The U.S. Department of Transportation's Office of Small and Disadvantaged Business Utilization (OSDBU) is pleased to announce Industrial Bank as the newest participating lender in the Short Term Lending Program (STLP). Industrial Bank is the oldest and largest African-American owned commercial bank in the Greater Washington Region. In addition to its small business lending, Industrial Bank is well-known for its community development and not-for-profit lending.
“We are very excited to bring Industrial Bank into the Short Term Lending Program. Industrial has a long history of helping the small business community, and we know their participation will be a major asset to transportation related businesses in the Washington, DC metro area,” remarked OSDBU Director Brandon Neal.
Industrial Bank President & CEO, B. Doyle Mitchell, Jr. added, “We are excited about our new partnership with the U.S. Department of Transportation in its Short Term Lending Program, and about the many new businesses we will be able to serve. We believe that adding this program to our existing resources will help us to further our goal of getting things done in the DC metro area.”
Founded in 1934, by Jesse H. Mitchell, a graduate of Howard University and the Wharton School of Finance, Industrial Bank began with $192,000 in assets and six employees. By 1954, Industrial Bank grew to be a leader in the local banking community and raised the profile of Mr. Mitchell to one of the top businessmen in the country. The bank operated as a reliable institution that provided financing to the African-American community and various businesses throughout the region. The bank can be credited with helping to rebuild the historic Washington DC U Street neighborhood after its decline in the 1960’s. Industrial committed its assets and resources to reinvestment in the area and became the financial backbone of the neighborhood’s redevelopment.
Today, Industrial Bank has grown to over $333 million in assets, with 8 branches (six in Washington D.C. and two in Maryland) providing a variety of services and aspiring to shape a vibrant local economy and strong business community. As a participating lender for the STLP, Industrial Bank will focus on assisting small businesses in the Washington, DC area gain access to the financing necessary to complete transportation related contracts and help improve the region’s infrastructure.