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County $400k EDI Fund Award To Create & Retain 375 Jobs At Kogok Corporation

Largo, MD - Today, the Prince George's County Economic Development Corporation along with FSC First celebrated the official awarding of a $400,000 loan from the Economic Development Incentive Fund (EDIF) to Kogok Corporation.  Kogok Corporation is a County-based business that currently has 343 employees and will be adding 32 more positions in the near future. The EDI funding will be utilized to purchase manufacturing equipment to support the company's expansion of its operation.(l. to r. Ebony Stocks, EDC EDI Fund Manager; Jeffrey Kogok, Kogok Corp. President; Dawn Medley, FSC First VP Business Financing)

"We are very pleased that we were able to support this Prince George's County based business with assistance from our EDI Fund," said Ebony Stocks, EDC's EDI Fund Manager.  "The Kogok Corporation is a major contributor to the construction boom in Prince George's County. Having the ability to provide financial assistance to this important community contributor is exactly what the EDI fund was designed to do."

Kogok Corporation manufactures and installs commercial duct work and has been located in Prince George's County since its incorporation in 1995.  Kogok provides services to industry sectors such as education, health and industrial, as well as supports commercial and high rise residential properties throughout the Washington Metropolitan Region.  In recent years, due to the high volume of construction in Prince George's County, this rapidly growing manufacturing company has plans to move into a larger space by March 2016 in order to accommodate the number of projects they are involved in.

"The entire process for getting EDI Funding from Prince George's County has been very pleasant," said Jeffery Kogok, President of Kogok Corporation.  "From the beginning, EDC and FSC have been helpful in identifying the best financing we needed to support our expansion. Everyone we have met with has been extremely professional and made our expansion in the County very easy."

The County's Economic Development Incentive Fund was created by County Executive Rushern L. Baker, III in 2012 as a $50 million fund designed to create jobs, increase the commercial tax base and at the same time, create a "Wow" factor to attract businesses and investments in Prince George's County.  Companies eligible for the EDI Fund are businesses that are expanding within the County or are considering relocating to the County and are seeking financial assistance with construction costs, relocation costs, acquisition costs or leasehold improvements.  

There are currently 24 deals in the EDIF pipeline that represent over the next 12 months, a total of $18 million in EDI Fund requests.  If approved, these deals will result in $445 million in capital investment in Prince George's County and the retention and creation of more than 9,000 jobs, not including construction jobs. To date, the projects approved for EDI funding will generate more than $20.4 million in commercial tax revenue over the next 10 years and have substantially contributed to Prince George's County's ability to compete more effectively with its neighboring jurisdictions for companies looking to locate and relocate to the Washington, D.C. metropolitan area.

For more information about the Economic Development Incentive Fund, contact Ebony Stocks, EDC EDI Fund Manager at 301-583-4650 or visit www.pgcedc.com