Montgomery County’s Department of Economic Development is hoping to attract green businesses to the area with an incentive program that will reimburse investors as much as $25,000.
The Green Investor Incentive Program is now accepting applications from investors in businesses that provide green products or technologies. The program was approved in April by the County Council and County Executive Isiah Leggett appropriated $500,000 to fund the program.
The concept comes out of the county’s 2010 Green Economy Task Force, which recommended more incentives for companies in the green sector.
Individuals and investment firms that have invested in qualified green companies from July 24, 2013 until the end of the year are potentially eligible for some of this year’s $500,000 appropriation, which will be allocated disbursed next April. The program will be first come first serve, and investors will have until January 15, 2014 to submit their applications. Qualified investors cannot be pension or retirement funds, and can not have an ownership stake in the company prior to investing.
“The program will help us cultivate a larger group of investors so that green business solutions and products that are conceived here can develop and grow into successful Montgomery County-based companies,” county Economic Director Steve Silverman said.
To qualify as a green business, a company must provide a green product or technology, have its headquarters in Montgomery, have been in business for less than 10 years and employ fewer than 50 people. The company also must be a certified B-Corporation, Montgomery County Certified Green Business, or have earned a similar designation.