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Prince George's County Council Approves $50 Million Fund To Increase Economic Development | Business

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Prince George's County Council Approves $50 Million Fund To Increase Economic Development
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Prince George's County Council Approves $50 Million Fund To Increase Economic Development

Earlier this week the Prince George’s County Council unanimously endorsed and approved a groundbreaking bill granting $50 million to a fund proposed by County Executive Rushern L. Baker, III.

He and his team of advisors are certain this fund will create jobs, encourage development, and increase economic growth within Prince George’s County.

“The Economic Development Incentive Fund will help Prince George’s County be a major player in the region and the state to retain jobs, attract new companies, and create employment opportunities to Prince George’s County citizens,” explained David Iannucci, a key member on County Executive Baker’s economic development team.

Currently Prince George’s County is in the top seven percent of wealthiest jurisdictions in the U.S., but have one of the lowest ratios of jobs in the county to their overall population. Most residents must travel into different counties for their occupation; the passage of this bill will change this.

 

“Collectively, Prince George’s Country residents create a very strong, educated, technically skilled workforce that can compete with anyone in the area. We have to make sure the educated, talented workforce has jobs within this county and that’s what County Executive Baker and the County Council has intended to do by creating this fund,” said Iannucci.

 

The EDI fund will be provided with $50 million over the next five fiscal years. This includes $7 million that has been proposed for the Fund in January 2012. Under the bill, the county will provide loans to businesses, mostly small businesses that will have to be repaid within 10 years.

 

“Many jurisdictions have had this type of fund for years including Montgomery, Howard, and Fairfax Counties, but Prince George’s County has never had the ability to offer capital or financial assistance to businesses to help them grow within the county or attract them to this region until now,” continued Iannucci.

 

This proposal will offer incentives to local minority businesses as well as provide grants to major corporations so they will invest in the community, and in time this investment will filter in much needed revenues for education and public safety.

 

“This bill is important in making Prince George’s County competitive in the DC metro area to attract businesses that we have not had here before and that we need in our county to thrive,” County Council Member, Will Campos said.

 

 

 

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