Olney Ale House
About the Building
The Olney Ale House is an iconic and historic restaurant located in Olney, MD that has served the community since the 1920s.
Property Upgrade Summary
Improvements to recover from a fire in 2019 and from the impact of the COVID-19 pandemic. The Olney Ale House used funds to rebuild a greener and more flexible space with dining options.
Green Bank Financing
Approximately $200,000 in a loan from Sandy Spring Bank, backed by the Green Bank Commercial Loan for Energy Efficiency and Renewables (“CLEER”) program. Closed June 2021.
About the Project
Sandy Spring Bank, backed by the Montgomery County Green Bank’s CLEER Program, closed a $200,000 loan to help the Olney Ale House rebuild a greener and more flexible space with dining options following a fire that closed the restaurant in 2019. Through this project, the Olney Ale House will upgrade its equipment and space while also decreasing its energy consumption by 3%.
Though 3% may sound like a small figure, this translates not just into a $500 per year savings in the restaurant’s energy bill, but into new infrastructure that serves customer growth.
Montgomery County Green Bank’s Role
The Montgomery County Green Bank and Sandy Spring Bank have a partnership with the Commercial Loan for Energy Efficiency and Renewables Program that brings needed capital to support businesses like the Olney Ale House. The Green Bank works closely with Sandy Spring to identify ways to reach customers with strong business banking solutions alongside a focus on energy efficiency.
Restaurants across the county have been working to reopen and grow following the challenges created by the COVID-19 pandemic. For those who can benefit from decreasing operating expenses because of energy efficient equipment, infrastructure, and their physical space, the CLEER program is a way to make those investments in a way that generates net positive cash flow.