New Jobs Tax Credits

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Description

Financial assistance to private employers who retain jobs or stimulate new job creation in Montgomery County.
Priority is given to the following businesses:

• high technology companies
• manufacturing companies
• businesses located in urban revitalization areas, and
• other private employers providing the greatest public benefits.

Amount

The typical amount of EDF assistance ranges from $5,000 to $100,000. Higher amounts are possible for businesses involved in large projects.

Evaluation Criteria

1. Projected employment growth and capital investment, or other positive economic impacts that the County's assistance will facilitate.
2. Financial history and projections, including balance sheets, income statements, and cash flow statements.
3. Background of the company and its management.
4. Present and future market outlook for the business.

The applications will be further evaluated using “priority” criteria to arrive at a funding decision.
Priority will be given to:

• cases where the private employer's business will create significant employment growth by creating new jobs within 1 to 3 years of funding.
• cases that will result in significant capital investment in the County.
• assistance that will materially improve the County's economy and advance the County's economic development objectives and strategies.
• cases where County funding complements and leverages existing State and private sector funding programs.

Applications

E-mail Lydia Lan for more detailed program information and application materials or call 240-777-2000.