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I’m thrilled to have recently introduced the $20 million J.O.B.S. (Jobs, Opportunities & Business Support) Initiative alongside colleagues and partners in the public and private sectors. All of us are connected by a commitment to a bold new economic development vision and a shared goal of expanding our tax base and maximizing our role as the state’s economic engine.
Like jurisdictions across the nation, there’s no question that we have economic challenges compounded by the events of the last several years that demand urgent, strategic, intentional action. Despite the challenges, I’ve always been confident that Montgomery County has all the ingredients needed to emerge once more as the leading economic force in the region.
Launching this new J.O.B.S. Initiative is a key step that will foster innovation and create and lure lucrative new jobs to Montgomery County. It is intentionally aligned with the County’s Economic Development Strategic Plan, which was established under a bill I sponsored to focus our economic development efforts in a cohesive way.
This proposal will create three separate, complementary initiatives: a $10 million Job Creation Fund, a $7 million Innovation Fund, and a $3 million Equity Fund.
The Job Creation Fund will incentivize companies to create and fill high-paying jobs by providing employers with $10,000 for new jobs created with salaries of $100,000 or more, and $12,000 per job if it is located in an Equity Focus Area. The Job Creation Fund alone has the potential to create 1,000 new high-paying jobs in Montgomery County and generate an additional $161 million in economic output.
The Innovation Fund will tackle the problem many entrepreneurs face turning their research and prototypes into new and exciting products for the marketplace. These small firms often must navigate critical funding gaps during the development stage. The Innovation Fund will award up to $100,000 to eligible companies developing innovative technologies and help them bring their products to market. It will help Montgomery County continue to grow its reputation as a place for innovation.
The Equity Fund ensures our efforts align with our County’s commitment to support and invest in early and growth-stage small companies that have historically lacked adequate access to private capital and reside in our Equity Focus Areas. The Equity Fund will provide up to $80,000 to these small businesses, helping reduce barriers to entry for smaller businesses.
This $20 million investment will help Montgomery build its future focused on innovation, opportunity, and high-paying jobs that will, in turn, create more jobs and economic spinoff. Once approved by the Council, Montgomery County’s Economic Development Corporation will create the application process and administer the funding.
We can’t expect businesses to stay or grow in Montgomery County if we don’t provide the support through real action and funding commitments. I look forward to working with the public and private sectors to launch these initiatives and work toward reaching our full potential. None of our other priorities are possible without a thriving private sector economy. That’s why we’re going bigger and bolder than any other jurisdiction in the region with this new J.O.B.S. Initiative to create jobs and opportunities and jumpstart our economy.
The Council will hold a public hearing on the appropriation for this initiative on Tuesday, April 2 at 1:30 p.m. Sign up to testify live and submit testimony to share your support for the J.O.B.S. Initiative.
I encourage residents to continue to engage with my office on issues of importance to our community. We appreciate your patience and understanding as our small but mighty team works to respond to your inquiries. Please continue to engage with us by email, visiting our website, Facebook, and Twitter pages, and subscribing to our newsletter.
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