Businesses in the county could soon apply for loans and grants from the newly established Economic Development Incentive fund, The Gazette reported.
The $50 million reserve will provide grants and loans to public and private sector businesses to spur economic development, job and business growth around developed areas and near transit lines, , when the plan was approved by the Prince George's County Council.
David Iannucci, assistant deputy chief administrative officer for the county’s economic development team, told The Gazette that the $7 million allotted for the first fiscal year of the program won't be divvied on a first-come, first-served basis:
“Priorities will be given to small businesses, companies that hire locally, transit-oriented development and businesses that will add jobs to the county,” Iannucci said.
Are you a small- or medium-sized business owner in College Park who plans to apply for a loan or grant from the EDI Fund? How do you think such a program could benefit your business? Share your story in the comments below.
Businesses are invited to learn more about the process of applying for funding through the EDI Fund. Prince George’s County Executive Rushern Baker and his economic development team will be there to discuss the details. .