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Businesses Could Benefit from Development Fund

Do you own a small-or medium-sized business in Hyattsville? hoping to get a loan or grant from the new Economic Development Incentive Fund? Tell us about it!

County businesses 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.

Read the full Gazette piece here.

Call Out

Are you a small- or medium-sized business owner in Hyattsville 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.

Information Session

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. .

Nick February 29, 2012 at 12:08 PM
Isn't this just corporate welfare? Why does a government that can't keep within its own means think it is competent to pick economic winners and losers?
Adelphi Sky February 29, 2012 at 07:40 PM
It's called doing business. Corporations do it all the time. One company offers another company something when they partner or merge. And the receiving company gives something back in return. And corporate welfare is getting something for nothing. Ideally, the use of funds will draw revenue and jobs by encouraging businesses to locate in PG. That means we PG gets something back. In addition, since when did a AAA rating from three ratings agency mean that a municipality was fiscally irresponsible? I think the county executive has been pretty transparent about this purpose of this fund. Or would you like to go back to what was going on in the previous county administration? Montgomery County threw money at the HHS and they stayed and PG sat on the outside looking in. This fund levels the playing field. Sure, we can keep the money and use it for roads. But chances are, we'll still be on the outside looking in when other counties continue to attract business with their economic funds.

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