Mission Statement

The mission of the Economic Development Fund (EDF) is to assist private employers who are located, plan to locate, or substantially expand operations in the County. Each program under the EDF is administered by the Department of Finance. EDF staff work in conjunction with the Montgomery County Economic Development Corporation (MCEDC), a nonprofit economic development organization created by the County in 2015, to identify prospects for many of these programs.

Budget Overview

The total approved FY24 Operating Budget for the Economic Development Fund is $3,455,739, a decrease of $540,586 or 13.53 percent from the FY23 Approved Budget of $3,996,325. Personnel Costs comprise 5.30 percent of the budget for no full-time position(s) and no part-time position(s), and a total of 1.00 FTEs. Total FTEs may include seasonal or temporary positions and may also reflect workforce charged to or from other departments or funds. Operating Expenses account for the remaining 94.70 percent of the FY24 budget.

County Priority Outcomes

While this program area supports all eight of the County Result Areas, the following is emphasized:

• A Growing Economy

Program Descriptions

  Economic Development Fund

The Economic Development Fund consolidates all economic development programs into one program providing effective management and support. The consolidated programs are: Economic Development Grant and Loan Program, Biotechnology Credit Supplement, MOVE Program, the Small Business Innovation Research and Small Business Technology Transfer Matching Grant Program, and the Impact Assistance Fund....