Montgomery County Council President Andrew Friedson announced a $20 million economic stimulus plan Monday that aims to create up to 1,000 new jobs.
The J.O.B.S. (Jobs, Opportunities and Business Support) Initiative is part of the Economic Development Fund for the county and consists of three separate funds that serve different purposes.
#HappeningNow– Council President @Andrew_Friedson announces a $20 million appropriation for the County’s Economic Development Fund to jumpstart the local economy and create high-paying jobs in Montgomery County. pic.twitter.com/MPWRt7xzGa
— Montgomery Council (@MoCoCouncilMD) March 11, 2024
A $10 million Job Creation Fund will provide $10,000 per new job to employers who create at least five new jobs with salaries of $100,000 or more. There will also be a $12,000 incentive for jobs located in any of the county’s Equity Focus Areas, as identified by Montgomery Planning.
A $7 million Innovation Fund rewards companies who develop innovative technology, design or processes. Funds are also available for startup projects and prototype development with a preference given to technology and life sciences.
A $3 million Equity Fund features grants of up to $80,000 for small businesses with owners from Equity Focus Areas.
