(a) The Board of Directors must recommend economic development programs and associated performance measures to the Executive and Council each year to advance the policy objectives and perform the activities listed in Section
15A-1
, including revisions to the County’s strategic plan for economic development established by Section 20-76(a).
(b) In its economic development programs, the Corporation should collaborate with the Montgomery County Workforce Development Board to advance the County’s economic development strategic plan adopted under Section 20-76.
(c) The Corporation’s economic development programs may include a plan for sponsorship of private investment, marketing, and advocacy initiatives.
(d) The Corporation may administer, as part of a microenterprise development strategy, a culturally proficient microlending program under which:
(1) loans must not exceed $15,000;
(2) loans must only be issued to Montgomery County residents:
(A) who have resided in Montgomery County for at least 180 days before the loan application is made;
(B) whose business is headquartered in Montgomery County; and
(C) lack access to traditional means of capital financing;
(3) loan recipients must participate in educational and technical assistance provided by the program;
(4) non-County funds may be used as a source for capital and program administration; and
(5) materials and assistance are provided in multiple languages reflective of the County’s population.
(e) The Board and staff must meet with the Executive and the Council at least annually regarding the Corporation’s activities and finances. (, § 1; , § 1; 2017 L.M.C., ch. 10, §1; ,
§ 1; , §1.)
var val = document.getElementById('citecontent').innerHTML;
art.dialog.defaults.title = window.location.href;
art.dialog.data('cite', val);
art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');
