Montgomery County, Maryland’s need to compete has prompted the introduction of a $20 million package designed to give businesses incentives to come to and stay in the county while attracting employees to high-paying jobs.
At a news conference Monday before leaders with nonprofit organizations, chambers of commerce and small business owners, County Council President Andrew Friedson joked if all the area leaders were in the room, “Who’s running the economy in Montgomery County right now?”
The latest economic development initiative is designed to deal with a reality in Montgomery County. A 2023 Maryland State of the Economy report put the county 28th out of 30 “peer counties” when it comes to income growth.
Friedson detailed some of the elements of the Jobs, Opportunities and Business Support (J.O.B.S.) Initiative which includes three parts: a $10 million job creation fund, a $7 million innovation fund and a $3 million equity fund.
“The job creation fund has the potential to create 1,000 new high-paying jobs in Montgomery County, and generate up to $161 million in additional economic output,” Friedson said Monday.
Under that fund, employers would receive between $10,000 and $12,000 for each new job under certain conditions. Employers would have to create a minimum of five jobs paying $100,000 in order to qualify for that funding. The higher rate of $12,000 per new job would apply if those jobs are in one of the county’s equity focus areas.
The county’s equity focus areas include the Interstate 270 corridor, the Route 29 corridor and the East County.
Kim Jones, with the Montgomery County Black Collective, a nonprofit that helps underrepresented business leaders connect with needed resources, said the J.O.B.S. Initiative will provide critical help to those “that have the courage to go out and the determination to take that leap of faith and start a business or expand their business.” She added, “It’s a really good day.”
Throughout the news conference, speakers made reference to spring being an especially opportune time to push for business growth. Gigi Godwin, with the Montgomery County Chamber of Commerce kept that theme going when she spoke to WTOP after the news conference.
She said the $20 million dollar commitment from the county is “unprecedented” and that it was “nothing to sneeze at — even though it’s allergy season!” Godwin added, “It’s a wonderful thing, and we’re all for it.”
The $20 million is part of a special appropriation that faces a council vote. Council Vice President Kate Stewart and fellow council members Dawn Luedtke, Gabe Albornoz, Kristin Mink and Marilyn Balcombe all spoke in favor of the bill at the news conference.
Council members Sidney Katz, Laurie-Anne Sayles and Will Jawando are listed as co-sponsors of the bill which is being formally introduced Tuesday.
Under the plan, the Montgomery County Economic Development Corporation would administer the three programs.
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