Montgomery County legislators unanimously approved the allocation of $20 million to “revitalize the local economy,” Council Vice President Kate Stewart explained Tuesday.
Employment across Montgomery County is down 25,000 from September 2019, and city council members are looking for ways to attract businesses here.
JOBS – Jobs, Opportunity, Business Support – Initiative designed to create up to 1,000 jobs in equity-focused areas specifically along I-270 and Route 29, and in downtown East It has been.
It includes a $10 million job creation fund that gives employers $10,000 if they create a new job with a salary of at least $100,000. The employer will receive her $12,000 per job.
Employers must create at least five jobs with a salary of $100,000. The amount that employers can receive is limited to $500,000 per company.
For every $100,000 job, the local economy receives a $470,000 boost, according to Council President Andrew Friedson. “This is more than a 4-to-1 investment for him.”
The $7 million Innovation Fund will award up to $100,000 to companies that develop innovative technologies, designs, and processes. It is designed for prototype development and pilot projects to help county entrepreneurs move more easily to commercialization.
The $3 million equity fund will provide grants of up to $80,000 to early and growth-stage small businesses with ownership in equity focus areas to reduce financial barriers to success.
Friedson said the full amount of the fund would create about 1,000 jobs and generate about $160 million in additional revenue.
Friedson said the initiative is sending a message. “If you want to invest in Montgomery County, Montgomery County wants to invest in you.”
Councilman Evan Glass questioned why the money was included in the fiscal year 2024 budget when it won’t be spent until fiscal year 2025.
He argued that money from the reserve fund could now be better used to improve public school buildings. He added that the county already has a similar program “on the cards.”
Councilmember Sidney Katz countered that “we need to get the message out as soon as possible” that the county is open to new business. “The sooner you start, the faster the bureaucracy can move.”
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