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Budget Year / Version:
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Program Description

  Economic Development Grant and Loan Program

The Economic Development Grant and Loan Program was established in FY96 to assist private employers who will either retain jobs already in the County or create additional jobs in the County through the expansion of current operations or relocation of new operations in the County. This program is administered by the Department of Finance through its Fiscal Management Division. MCEDC identifies and develops prospects that meet the criteria for a grant or loan from the Economic Development Fund (EDF) and works with Finance to develop an assistance package. Frequently, MCEDC and Finance work in close cooperation and coordination with the State of Maryland. The County Executive submits an annual report by March 15 on the status and use of the EDF as required by Chapter 20-76 (b) of the Montgomery County Code.

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Program Contacts

Contact Jedediah Millard of the Department of Finance at 240.777.8855 or Pofen Salem of the Office of Management and Budget at 240.777.2773 for more information regarding this fund.

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Program Budget Changes

FY20 Approved ChangesExpendituresFTEs
FY19 Approved30417791.00
Increase Cost: Funding Disbursement Based on Prior Host Hotels & Resorts Agreement3000000.00
Increase Cost: Funding Disbursement Based on Prior Booz Allen Hamilton Agreement2500000.00
Enhance: Impact Assistance Fund1500000.00
Increase Cost: Restore One-time Undesignated Funding Used for the Design of Facade Improvements in the Glenmont Commercial Area323000.00
Decrease Cost: Adjust Funding for ByteGrid Agreement-392580.00
Multi-program adjustments, including negotiated compensation changes, employee benefit changes, changes due to staff turnover, reorganizations, and other budget changes affecting multiple programs.45400.00
FY20 Approved37393611.00