MOCO Council President Proposes $20M Initiative To Spur Job Creation

MONTGOMERY COUNTY, MD — Montgomery County Council President Andrew Friedson introduced a $20 million appropriation for the county’s Economic Development Fund to spur economic development and create high-paying jobs in the county.

The New J.O.B.S., or Jobs, Opportunities and Business Support, Initiative will create three separate initiatives: a Job Creation Fund, an Innovation Fund, and an Equity Fund.

“We need to launch bold initiatives that will foster innovation and create lucrative jobs to help Montgomery County re-emerge as an economic powerhouse by giving entrepreneurs the opportunity to create a new business or expand and grow in our community,” Friedson said in a statement Monday.

The proposed $10 million Job Creation Fund will seek to help Montgomery County companies create and fill high-paying jobs by providing employers with $10,000 for new jobs created offering 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 also support the growth of key industries, including employers in the life sciences, technology, hospitality and real estate industries, as well as national nonprofits, foundations, trade associations and corporate headquarters.

Employers will be required to create a minimum of five jobs of $100,000 with a limit of up to $500,000 per company. The proposal would create up to 1,000 new jobs and generate an impact of $161 million in additional economic output.

“Together, by unleashing the genius of the talent we have in Montgomery County, we can leverage private capital with public support and help companies bring new and exciting products to the marketplace that will grow our economy and transform the world,” Friedson said. “With intentionality, we can also simultaneously invigorate our Equity Focus Areas along the I-270 and Route 29 Corridors and eastern downcounty to promote small and growth-stage businesses.”

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 advance technology and life science companies, but funds will be available to any eligible startup.

Several local jurisdictions, including D.C., Fairfax County and Arlington County, have launched similar funds to help startups navigate these funding hurdles.

The $3 million Equity Fund will 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 eastern downcounty.

The grants will be administered by the Montgomery County Economic Development Corporation.