Local Fund Generates $1 Billion In Capital Investments, 12,000 Jobs
By Peter Greenbaum
For most people, the sweetest three letters of the alphabet are ROI. Who doesn’t welcome a healthy return-on-investment?
In 2011, following the recession, Prince George’s County Executive Rushern L. Baker III recommended the creation of a special fund to help breathe new life into the County’s hard-hit business community. The $50 million was slated for projects that would help create jobs.
At the time, there were many who felt the fund was risky. Besides the promise of more opportunities, the fund included low projected interest rates.
Along with Baker, the Economic Development Corporation (EDC) and the Financial Services Corporation (FSC First) is celebrating the success of the Economic Development Incentive (EDI) Fund.
The fund has generated $1 billion in capital investments, positively impacted 12,000 jobs, retaining 5,138, and creating 7,009 positions. In addition, the County Council has approved 44 projects. Recipients include businesses such as 2U, F&G Development, Berman Enterprises and Thompson Creek. The EDC and FSC continue to work together to review applications, disburse funds and closely monitor the progress of each potential EDI Fund recipient.
Notes Baker: “The EDI Fund has been the grease that has allowed Prince George’s County to be the driver of the State of Maryland and the National Capital Region.