Helping businesses break new ground. Prince George’s County is serious about strengthening our business community—and the Economic Development Incentive (EDI) Fund proves just how strongly the County believes in providing businesses with the support they need to grow and thrive.
With a $50 million funding level, the EDI fund provides the fuel needed to rev the County’s economic engine—by helping to stimulate job growth, retaining current jobs and businesses, and attracting new businesses. To date, the EDI has:
Approved 44 projects totaling $36.5 million in EDI Fund awards, with approximately 65% of these committed funds revolved back into the fund for future investment
Stimulated over $1 billion in capital investment
Leveraged $980 million in other financing sources
Created 7,009 jobs and retained 5,138 jobs, with 48% of all created and retained jobs held by Prince George’s County residents
Exceeded job creation expectations by 20%
Increased the assessed value of commercial property by $37 billion as a result of private and County investment
Helped the County collect an additional $500,000 in commercial property taxes as a result of improvements and redevelopment of real property
Set aside $1 million of the Fund to support small business with getting lines of credit from a traditional bank
To qualify for EDI funding, projects must demonstrate:
Economic impact—Measurable outcomes such as job creation, retention, or growth, increasing industry or commerce, broadening the commercial tax base, or promoting local/minority/small business development
Alignment with County development goals and priorities—Projects must adequately reflect the County’s revitalization goals and be located in or near select areas of the County.
“But for” test—Public incentives are necessary to move the project forward.
Whether you need funding for a new project, expansion, relocation, or equipment purchase, the EDI offers you an incredible tool for taking your business to the next level. Complete your application online or visit the County’s EDI Fund webpage to learn more.
For more, information about the Economic Development Incentive Fund, please contact Ebony Stocks: