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Prince George's County Economic Development Corporation's Small Business Initiative Partners with Capital One Bank to Mentor Local Technology Company Executives

WI Staff Report | 5/10/2011, 8:32 p.m.
Capital One Check Presentation - Prince George's County Economic Development Corporation - Courtesy Photo

(Largo, MD) - The Prince George's County Economic Development Corporation's (EDC) Small Business Initiative (SBI) today announced a partnership with Capital One Bank, to launch a Mentor Protege Program for companies located within EDC's Technology Assistance Center. The Technology Assistance Center is a small business incubator designed for high technology businesses. Capital One also provided funding to the SBI Program for the expansion of its technical assistance offered to local, small and minority-owned companies.

"We understand the importance of having a great financial leader, like Capital One, to partner with the Economic Development Corporation to assist local companies," said Gwen McCall, Interim President/CEO of Prince George's County Economic Development Corporation. "Today's announcement of both the Mentor Protege program and the Capital One grant for the Small Business Initiative program are an indication of Capital One's commitment to small, local and minority companies."

Capital One - Prince George's County Economic Development Corporation Mentor Protege Program - Courtesy Photo

Charlotte Ducksworth, SBI Director shared the history of the relationship and genesis of the program. She said, "The mentor protege program addresses our goal to provide a nourishing environment for our companies to reach their full potential." The program takes a comprehensive approach to mentoring, and Capital One executives from the company's Supplier Diversity and Business Banking divisions will be paired with principals from each company in the Technology Assistance Center to provide counsel throughout all phases of their business operations.

"Capital One Bank is proud to launch the Mentor Program in partnership with the Prince George's County Economic Development Corporation," said Michael Pugh, Prince George's County Market President for Capital One Bank. "Our experienced bankers work with our small business customers every day to help them realize their financial goals. We also partner with national and local nonprofit organizations to expand access to resources designed to help individuals gain new job skills or to build on existing business management skills."

The program explores general business strategy within four common core areas of business - financial, operational, marketing/business development and technology - and helps to identify areas of opportunity and growth. Mentors will also guide program participants through leadership exercises to assess human resources needs and the business owner's capacity to support effective governance and decision making.

About Capital One Bank

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $125.4 billion in deposits and $199.3 billion in total assets outstanding as of March 31, 2011. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

About Prince George's County Economic Development Corporation

Under authority of the County Executive, Rushern L. Baker III, the Prince George's County Economic Development Corporation provides: the right combination of investment incentives to attract new businesses; access to support services and capital to help businesses grow; and information on procurement opportunities to enable businesses to sustain their growth. The EDC is committed to promoting economic development, expanding business opportunities and providing assistance to businesses interested in locating their principal office or base of operations in Prince George's County.