For Immediate Release: Tuesday, March 20, 2018
Councilmember Leventhal initiates County matching grant program to help expand biotechnology sector and encourage innovation
Council enacts bill to provide matching grants for innovation research and technology transfer
ROCKVILLE, Md., March 20, 2018—Today the County Council unanimously enacted Bill 41-17, Economic Development Fund – Small Business Innovation Research and Small Business Technology Transfer Matching Grant Program – Established, which will establish a County matching fund for businesses that receive federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants. Councilmember George Leventhal, who serves as chair of the Council’s Health and Human Services Committee and is a member of the Planning, Housing and Economic Development Committee, was the lead sponsor of Bill 41-17. All other Councilmembers were cosponsors. The goal of this bill is to encourage small businesses that receive federal grants under SBIR and STTR grant programs to locate in the County.
“The County’s biotech industry is critically important for our future,” said Councilmember Leventhal. “The additional seed money from this matching grant program will help small businesses that are focused on innovation and technology transfer hire additional employees and expand research opportunities.”
Bill 41-17 establishes a County matching grant for County-based small businesses that receive either a Phase I or Phase II grant under either the SBIR or the STTR from the National Institutes of Health. County grant awards will be provided up to 25 percent of a Phase I grant with a cap of $25,000 or 25 percent of a Phase II grant up to $75,000. A grantee may receive one County matching grant each year and a total of five County matching grants under this program.
“Along with the establishment of Biohealth Innovation, Inc. and the County’s biotechnology tax credit, this legislation continues our efforts to strengthen the County’s position as a locus of biotechnology and life sciences activity,” said Councilmember Leventhal. “This economic sector generates great jobs, and furthers the important goals of curing disease and alleviating suffering.”
The County’s new matching fund program will be administered by the Department of Finance and more details on the application process will be determined by County regulation.
The Council staff report on Bill 41-17 can be viewed at:
https://tinyurl.com/ycbspkh6 .
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Release ID: 18-084