Job Creation Fund FAQs

The Job Creation Fund was established to support economic growth in Montgomery County by incentivizing companies to create high-paying jobs in key growth industries. The fund aims to foster job creation, attract top talent, and stimulate business expansion within the county.

Eligible industries are Advanced Technology, Cybersecurity, Life Sciences, Quantum Computing, and Hospitality. Additionally, company headquarters and national nonprofit organizations based in Montgomery County are also eligible to apply. Company headquarters means a facility where the majority of a business entity’s financial, personnel, legal, and planning functions are handled on a regional or national basis. Hospitality means companies and organizations that are hospitality headquarters, hotel management companies, real estate investment trusts, and hospitality technology firms.

Companies that create five or more qualifying jobs are eligible for $10,000 per new job. If located in a Montgomery County Community Equity Index (CEI) disadvantaged area, the award increases to $12,000 per job, with a maximum award of $500,000. Please note that a company may only be awarded through the Job Creation Fund once for all qualifying jobs it creates (a min of 5 is required). If the applicant would like to hire additional qualifying positions beyond the initial 5, they would have up to an additional 6 months to complete that hiring. The company must hire all qualifying positions within one year of submitting an application.

The jobs must be newly created (not filling existing vacancies), pay an annual salary of at least $100,000 excluding the value of any employee benefits, be full-time and permanent, and based in Montgomery County. Positions must also remain filled for at least six months. Full-time means that an employee works at least 1,800 hours in a 12-month period. A permanent position means that the employee is on the payroll of the Company and not employed under a contract relationship.

Applicants must submit a completed application to the Department of Finance, including a Notice of Intent form outlining the number of jobs they intend to create. The date that the application is submitted will serve as the start date for a six-month period during which the company must hire a minimum of 5 qualifying positions. If the applicant would like to hire additional qualifying positions beyond the initial 5, they would have up to an additional 6 months to complete that hiring. The company must hire all qualifying positions within one year of submitting an application.

No, a company can only receive one award through the Job Creation Fund. However, they may hire additional qualifying positions within one year of applying to maximize the awarded funds.