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ROCKVILLE, Md., March 11, 2024—Montgomery County Council President Andrew Friedson will announce a $20 million appropriation for the County’s Economic Development Fund to jumpstart the local economy and create high-paying jobs in Montgomery County at a press conference on today at 11:30 a.m. at the Council Office Building.
The new J.O.B.S. (Jobs, Opportunities and Business Support) Initiative will create three separate but complementary initiatives: a $10 million Job Creation Fund, a $7 million Innovation Fund, and a $3 million Equity Fund.
The proposed $10 million Job Creation Fund will incentivize growing Montgomery County companies to create and fill high-paying jobs by providing $10,000 per new job to employers who create at least five new jobs at salaries of $100,000 or more or $12,000 per job if located in one of the County’s Equity Focus Areas. The Job Creation Fund will support key growth industries identified in Montgomery County’s Economic Development Strategic Plan, also established by Friedson, including life sciences, technology, hospitality, as well as national nonprofits and corporate headquarters. This fund alone, if fully utilized, will create up to 1,000 jobs.
The $7 million Innovation Fund will award up to $100,000 to eligible companies developing any innovative technology, design or process. The initiative will fund prototype development and pilot projects and help Montgomery County entrepreneurs successfully move toward commercialization. Preference will be given to advanced technology and life science companies, but funds would be available to any eligible startup.
The $3 million Equity Fund would offer grants of up to $80,000 to early and growth-stage small businesses with owners from Equity Focus Areas, helping reduce barriers to entry for small businesses. Equity Focus Areas are primarily found along the I-270 Corridor, the Route 29 Corridor and the eastern portion of Downcounty.
Who: Council President Andrew Friedson, Business Leaders and Councilmembers
What: Press conference announcing a $20 million New J.O.B.S. (Jobs, Opportunities and Business Support) Initiative
When: Monday, March 11 at 11:30 a.m.
Where: Montgomery County Council Office Building, fourth floor, Capital Crescent Trail Conference Room, 100 Maryland Ave, Rockville, MD 20850.
Parking: Available at the juror parking lot on E. Jefferson St. or directly across the street from the front of the Council Building on Maryland Ave.
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