Montgomery County has announced the launch of a $10 million Job Creation Fund, a new initiative aimed at driving economic growth and encouraging
job creation in the County’s key industries.
The program, established by a special appropriation through County Council Resolution 20-491, led by Council President Andrew Friedson, will provide financial incentives of up to $500,000 for businesses that create high-paying jobs in sectors such as advanced technology, life sciences, cybersecurity, hospitality and quantum computing.
Eligible companies can receive $10,000 for each new job created, with increased incentives for businesses located in disadvantaged areas as defined by the County’s Community Equity Index. The fund is designed to build on Montgomery County’s reputation as a hub for innovation and economic opportunity, while also supporting job creation that strengthens the local workforce.
“Montgomery County is focused on creating a vibrant economy that offers high-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 future growth of the County. By supporting industries that are key to our economic success, we’re ensuring that Montgomery County remains a place where businesses can thrive and where our residents have access to great career opportunities and services. We’re committed to a strong, inclusive economy where businesses can grow and where our residents can benefit from good-paying sustainable jobs.”
Resolution 20-491 also created Innovation and Founders grant funds to support entrepreneurs, which will be launched in November 2024. For more information on the program see the full press release
