Montgomery County Launches $10 Million Fund to Stimulate Job Growth for County-Based Companies in Cybersecurity, Hospitality, Life Sciences and Quantum Computing

For Immediate Release: Wednesday, October 23, 2024

Montgomery County Executive Marc Elrich today announced the launch of a $10 million Job Creation Fund, a new initiative aimed at driving economic growth and encouraging job creation in the County's key industries. The program, established by a special appropriation through County Council Resolution 20-491, led by Council President Andrew Friedson, will provide financial incentives of up to $500,000 for businesses that create high-paying jobs in sectors such as advanced technology, life sciences, cybersecurity, hospitality and quantum computing.

Eligible companies can receive $10,000 for each new job created, with increased incentives for businesses located in disadvantaged areas as defined by the County's Community Equity Index. The fund is designed to build on Montgomery County's reputation as a hub for innovation and economic opportunity, while also supporting job creation that strengthens the local workforce.

"Montgomery County is focused on creating a vibrant economy that offers high-quality jobs for our residents," said County Executive Elrich. "The Job Creation Fund is another tool to attract and retain businesses that pay well and contribute to the future growth of the County. By supporting industries that are key to our economic success, we're ensuring that Montgomery County remains a place where businesses can thrive and where our residents have access to great career opportunities and services. We're committed to a strong, inclusive economy where businesses can grow and where our residents can benefit from good-paying sustainable jobs."

Resolution 20-491 also created Innovation and Founders grant funds to support entrepreneurs, which will be launched in November 2024.

"This bold initiative sends a strong message: If you are ready to invest in Montgomery County, we are united in our willingness to invest in you," said Council President Friedson. "This dedicated fund will bring quality jobs and opportunities to our community. By unleashing Montgomery County's unrivaled talent and ingenuity, we can leverage private capital with public support to produce high-paying jobs and help jumpstart our economy. I was proud to spearhead this effort in partnership with the Executive Branch to allocate a total of $20 million to three complementary economic investments, including the Job Creation Fund, the Innovation Fund and the Founders Equity Fund. These complementary funds will foster innovation, create lucrative jobs and give entrepreneurs the opportunity to create a new business or expand and grow in our community."

Applications are reviewed on a continuous basis and awarded on a first-come, first-served basis until funds are expended. The application date marks the start of a six-month period for hiring the minimum five qualifying positions, with up to an additional six months to complete any additional hiring.

"We are excited about this new fund because of the ample support it provides companies seeking to expand here, and simultaneously demonstrates Montgomery County's desire to attract new businesses," said Montgomery County Economic Development Corporation (MCEDC) President and CEO Bill Tompkins. "This fund, combined with other economic development programs, reinforces our commitment to supporting business growth in Montgomery County."

For more information, visit MCEDC's websiteor email [email protected].

To apply click here.

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Release ID: 24-474
Media Contact: Barry Hudson 240-300-7348
Categories: Business, Executive Office

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