Staff updates committee on discretionary EDF deals, SBIR match and microloan status
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Summary
Staff reported the EDF GLP has committed nearly $1.2 million across four projects (estimated 50 jobs), a biotech investor incentive ($125,000) has no disbursements to date, SBIR/STTR local match requires legislation to remove a sunset, and microloan program data is pending.
County staff briefed the Economic Development Committee on several EDF discretionary programs:
- EDF GLP (Grant‑Loan Program): staff said the GLP is supporting awards just under $1.2 million across four projects (two corporate headquarter relocations and two strategic‑industry leases) and that the deals are expected to produce a total of about 50 jobs.
- Biotech investor incentive: the county allocated $125,000 for a program that provides cash grants to investors who claim an associated state tax credit; staff reported there have been no encumbrances or disbursements to date.
- SBIR/STTR local matching grant: the county previously allocated $200,000; staff said the program had a July 1 sunset and that legislation to remove the sunset will be introduced for January to allow continuation and potential changes.
- Microloan program: these awards are made to two intermediary providers that re‑loan to individual businesses; staff said FY‑to‑date microloan data were not yet available but that the program typically carries demographic reporting that the committee may want to review.
Committee members asked for future briefings with more granular program data, including demographic and geographic distribution for each program and timing for any proposed legislation to reinstate or extend SBIR/STTR matching support.
Next steps: staff said legislation to remove the SBIR/STTR sunset will be on the executive’s desk for introduction in January and that staff can provide deeper datasets on the GLP and microloan recipients on request.