Montgomery County announced the launch of a $10 million Job Creation Fund, a new initiative aimed at promoting economic growth and spurring job creation in the county’s key industries.
The program was established through special appropriations through County Council Resolution 20-491, led by Council President Andrew Friedson, and provides up to 50 grants to companies that create high-paying jobs in fields such as advanced technology, life sciences, and cybersecurity. We are offering $1 million in incentives. , Hospitality, Quantum Computing.
Eligible businesses will receive $10,000 for each new job created, with increased incentives for businesses located in disadvantaged areas as defined by the county’s Community Capital Index. The fund is designed to enhance Montgomery County’s reputation as a hub of innovation and economic opportunity, as well as support job creation that strengthens the local workforce.
“Montgomery County is committed to creating a vibrant economy that provides 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 county’s future growth. By supporting industries that are key to our economic success, we We will ensure that Montgomery County remains a place where businesses can grow and residents have access to great career opportunities and services. We are committed to a strong, inclusive economy that can benefit from.”
Resolution 20-491 also creates an Innovation and Founders Grant Fund to support entrepreneurs, scheduled to launch in November 2024. For more information on the program, please see the full press release.
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