News Flash

Rockville News

Posted on: November 30, 2018

Rockville Small Business Impact Fund Approved

Pilot Program Will Use $430,000 Investment to Help Revitalize Rockville Town Center

Rockville, Maryland, Nov. 30  –  The City of Rockville and Rockville Economic Development, Inc. (REDI) are pleased to announce the creation of a new business incentive – the Rockville Small Business Impact Fund. The fund will offer financial assistance to qualified, small- and medium-sized businesses to promote economic development in the mixed-use areas near the Rockville Metro Station. Its initial $430,000 in funding is committed to stabilizing Rockville Town Center during the program’s pilot year.

The Rockville Small Business Impact Fund is one of the revitalization initiatives that stemmed from the city’s Oct. 9 town hall meeting, which drew more than 400 engaged citizens. Based on ideas and feedback heard during that meeting, the Mayor and Council, city staff, and representatives from the Rockville Chamber of Commerce and REDI developed the idea for the fund. The Mayor and Council approved the funding for the current fiscal year during a special meeting on Nov. 13.

REDI successfully manages other city business incentives, including the Rockville MOVE Program and the Business Expansion Fund, and will administer the new fund. The fund aligns with REDI’s strategy to foster economic vitality through projects that support the Mayor and Council’s vision for economic development and offer substantial public benefits, including:

  • Retaining and creating new jobs, with an emphasis on traditionally under-employed populations.
  • Retaining and expanding key business uses and services.
  • Encouraging positive social impact.
  • Supporting business-to-community engagement.

“Rockville is a wonderful city with a strong business climate,” said Mayor Bridget Donnell Newton. “New investment in Rockville’s Town Center will further strengthen the vitality of our downtown. I applaud the council and REDI for taking decisive action to develop and approve an initiative that achieves our mutual goal.”

“Rockville continues to be welcoming and supportive of businesses. I am excited that REDI can partner with the Mayor and Council on a quick, tactical response to the changing landscape of Rockville Town Center,” said REDI Board Chair Paul Newman. “By working together, we can boost economic impact by supporting small- and medium-sized businesses in key districts. REDI is grateful to the City of Rockville for this funding, which will continue to strengthen business development in the downtown area.”

After the fund’s pilot year, REDI will request additional funding to support the program.

For additional information, including how to apply, contact Rockville Economic Development, Inc., at 301-355-2202 or visit rockvilleredi.org.

# # #

MEDIA CONTACT:

Marylou Berg

Director of Communication

240-314-8105

mberg@rockvillemd.gov

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