Prince George’s County Incentive Leverage Fund (ILF)

Description: The ILF was established in October 1999 in response to the State of Maryland’s requirement that local jurisdictions participate with a minimum of 10% matching funds for County projects receiving State flexible incentive loans convertible to grants.

How Implemented: The President of the EDC must request the use of the ILF from the County Executive. Upon approval by the County Executive, and an affirmative resolution by the County Council approving the financing, the ILF funds are disbursed to the company.

Implementation Time: Implementation varies with each project and the timing needs of each project.

Contact: Wanda L. Plumer, Director, Business Development Retention and Expansion at (301) 583-4650

Statutory Reference: Incentive Leverage Fund Agreement dated October 15th, 1999

Positives: The ILF allows Prince George’s County to further meet State requirements and compete with surrounding jurisdictions. It is a general fund allocation and subject to annual appropriation. The companies receiving State and ILF assistance are generally strong, growing companies, who are investing in and creating jobs in the community. Recent deals have supported the expansion or relocation of companies who have invested at least $4 million in real estate and created over 100 new jobs. Upon accepting an Incentive Leverage Fund Loan, the firm must meet certain predetermined benchmarks for the project—typically numbers of jobs created and funds invested in the project over a period of three-five years. At the end of the term, the ILF loan may convert to a grant if the firm meets or exceeds all benchmarks.