E.T. PHONED HOME, BUT GODDARD IS BRINGING MARS TO PRINCE GEORGE’S COUNTY

E.T. PHONED HOME, BUT GODDARD IS BRINGING MARS TO PRINCE GEORGE’S COUNTY

By: The Prince George’s County Economic Development Corporation

On Aug. 7, 1959 Explorer 6 was launched into space. This was also the first launch that featured equipment created by NASA's Goddard Space Flight Center, located right here in Prince George’s County. Goddard crafted the technology onboard Explorer 6 to study radiation, geomagnetism and radio propagation in Earth’s upper atmosphere. As well as to test a scanning device intended for producing images of Earth's cloud cover.

Ever since the launch in 1959, Goddard has been instrumental in numerous NASA space explorations. For example, in 1962 Goddard was heavily involved in the Aerial 1 space mission which featured the first international satellite as a joint venture between the United Kingdom and the United States.

In the 1980’s Goddard Space Flight Center created the COBE satellite to measure infrared and microwave radiation created in the universe millions of years ago. This mission earned Goddard's Dr. John Mather, the project scientist for COBE, his share of the 2006 Nobel Prize in physics.

Another great accomplishment of Goddard was the Landsat Mission which was the first mission to collect pictures of Earth's surfaces from outer space. It produced first-class images for 28 years and 10 months, making it the official Guinness World Record holder for "Longest-operating Earth observation satellite." 

Most recently The Goddard Space Flight Center was the top contributor to exploring the surface of Mars. In 2011 Goddard was instrumental in developing “Curiosity,” a rover designed to explore the Gale crater on Mars. While successful, “Curiosity” still left several questions unanswered that NASA believes can only be answered by collecting data an analyzing it here. Thus, a decade later, Goddard developed critical parts of the Perseverance rover which landed on Mars in February of 2021. Perseverance’s mission is to collect samples from the surface of Mars and for the first time return these samples to Earth.

NASA’s Goddard Space Flight Center has been doing incredible things for several decades. Now, we may finally have answers to questions that have been asked for centuries all over the world. Questions such as, “Is there life on Mars, can people live on Mars, and even when was Mars first created? All thanks to the amazing technologies developed at Goddard Space Flight Center located right here in Prince George’s County.

Give our Regards to Wall Street! Prince George’s County Company goes public with a $2B valuation

This week, quantum giant IonQ, out of College Park, Maryland became the first publicly traded quantum technology firm company on the New York Stock Exchange. Its initial valuation is estimated to be approximately $2 Billion. IonQ is a quantum computer company, founded in 2015 by Chris Monroe and Jungsang Kim and led by CEO Peter Chapman with seed funding and a license to core technology from the University of Maryland and Duke University. After 25 years of academic research, the goal of taking trapped ion quantum computing out of the lab in College Park and into the market commercialized with the support of their partners, DMY Technology.

Quantum has long been touted as the next frontier in technology. Such computers would be capable of simulating and understanding phenomena in the natural world instantly and providing the basis for systems that are unhackable. Intel Corp. and Microsoft Corp., among other companies, are also working to advance quantum computing. The technology also has potential implications for producing new materials or creating new drugs.

Prince George’s County is proud to celebrate IonQ and all the incredible innovations and commercializing taking place at the University of Maryland flagship in College Park and throughout the County. Give our regards to Wall Street!

AMAZON DELIVERS MORE THAN JUST PACKAGES TO PRINCE GEORGE’S COUNTY

AMAZON DELIVERS MORE THAN JUST PACKAGES TO
PRINCE GEORGE’S COUNTY

Amazon has dramatically increased their presence in the Washington metropolitan area recently by opening a 90,000 square foot facility in Prince George’s County, Maryland. This facility, located at 10100 Willowdale Road in Lanham, Maryland is among a number of “last-mile” stations that Amazon has opened in Prince George’s County, all of which will deliver packages directly to residents’ homes and offices.

The opening of Amazon’s Lanham facility is a great testimonial to the strength and resilience of Prince George’s County, and the work of the Prince George’s County Economic Development Corporation (PGCEDC). In September of 2015, a large company officially signed the lease for a facility to be built in Lanham and was approved for a $150,000 Economic Development Incentive (EDI) Fund conditional loan by PGCEDC and FSC First for this $10 million project. Although the company encountered issues that prevented it’s move into the building, the newly constructed structure saw the assessed value of the site go from $2.5 million in 2015 to just over $14 million in 2016.

Even though it remained unoccupied, this increased value allowed Prince George’s County’s annual tax revenues to increase from $38,000 to over $200,000 per year. And because the EDI Funds were never disbursed, County taxpayers were fully protected.

In 2020, the County and the PGCEDC were still working hard to find a new commercial tenant that would occupy the building and bring new jobs to Prince George’s County. With the onset of the COVID-19 pandemic, more people began shopping online, thus creating an even greater need for “Last Mile” logistics and warehousing centers. By June of 2020, Amazon had successfully closed a deal to utilize the building as a “Last Mile” station in the County.

This facility not only meets the shipping needs of Prince Georgian’s, it will bring hundreds of much needed jobs to Prince George’s County. The jobs will range from entry level positions paying a minimum of $15 per hour plus benefits, to executive management positions at the delivery station.

According to County Executive Angela Alsobrooks, “The Prince George’s unemployment rate had climbed to ten percent during the pandemic - So, the Amazon jobs are very much needed.”

“We are excited about the official launch of another Amazon last mile facility in Prince George’s County, which will bring jobs and entrepreneurial opportunities to our community,” Alsobrooks said. “Prince George’s County is the economic engine of our state, and this is the latest sign that our local economy is poised for a strong recovery post-pandemic.”

The COVID pandemic has hurt numerous businesses across Prince George’s County and around the world. However, in this case, an opportunity that appeared to be negative turned out to be a great win for all Prince Georgian’s.

David Iannucci, President and CEO of PGCEDC said “It is proof of the long-term horizon that is frequently required in economic development.” After multiple years of having a building stand vacant, the Prince George’s County Economic Development Corporation is proud of its role in successfully supporting the opening of the third Amazon Last Mile facility in Prince George’s County. Prince George’s County welcomes Amazon to Lanham, Maryland.

PRINCE GEORGE’S COUNTY GRANT FUNDING BEING DISPERSED TO LOCAL BUSINESSES WEEKLY

PRINCE GEORGE’S COUNTY GRANT FUNDING BEING DISPERSED TO LOCAL BUSINESSES WEEKLY

Pepco and BGE Contribute Grant Funding to Support Unprecedented Demand for Small Business Recovery Assistance

The Prince George’s County Business Recovery Initiative (BRI) has reached the halfway point in approvals. The BRI is the $20 million grant program set up by County Executive Angela Alsobrooks and the County Council to support Prince George’s County businesses adversely impacted by the COVID-19 pandemic. As the Economic Development Corporation and FSC First work feverishly to review, underwrite and approve the more than 900 applications, more than $10.6 million has already been approved, with over $5 million already in the accounts of the local business community.

 “In implementing the Prince George's County COVID-19 Business Recovery Initiative (BRI), the Prince George’s County Economic Development Corporation and FSC First have witnessed how important cash grants are to help our business community keep afloat during this economic crisis,” said David Iannucci, President and CEO of the Economic Development Corporation. “We are extremely grateful to our County partners, along with Pepco Holdings and BGE for their concern and generous contributions to our business community. Each extra dollar helps sustain a company for another day.”

County efforts to support the local business community have been enhanced thanks to generous grant contributions from Pepco Holdings and Baltimore Gas and Electric (BGE). As part of the company’s ongoing support for communities and small businesses impacted by the COVID-19 pandemic, Pepco Holdings provided $250,000 in grant funding and BGE provided $65,000 in grant funding to Prince George’s County to supplement its existing small business recovery programs, helping to meet the unprecedented demand for financial assistance during the pandemic. Collectively, the additional $315,000 will be utilized to bring more focused wrap-around services to County businesses, helping them to survive and thrive post-COVID-19.

“As a result of evaluating the COVID-19 impacted businesses who submitted grant applications for funding, it has become increasingly apparent that the need of our local, small and minority business owners is much greater than access to capital,” said Shelly Gross-Wade, President and CEO of FSC First. “Therefore, we are in the process of identifying additional resources and developing complimentary wrap-around technical assistance to assist in their efforts to pivot to a sustainable business model, as necessary.”

Most of the 915 BRI applications have come from industry sectors including hospitality, retail, Construction trades, and professional services such as legal and accounting. There are also a large number of health and wellness and hair care applicants. A further breakdown of the applicants revealed that 71% are minority-owned businesses, 41% are women-owned, 5% are veteran-owned, and 5% are Latino owned. County-based businesses comprised 53% of the applicants and 27% are MBE Certified.

While the filing deadline for applications for funding closed on May 29th, all submitted applications are still being reviewed and grant funds are being wired on a weekly basis. A formal announcement about the complimentary technical assistance programs will be made in early July 2020. Applicants interested in learning the status of their applications are encouraged to email PGCCovidRelief@co.pg.md.us. 

Modifications to the Prince George’s COVID-19 Business Relief Fund

In response to the COVID-19 pandemic, County Executive Angela Alsobrooks and the County Council agreed to the use of $10 Million EDI Funds to support Prince George’s County businesses that were adversely affected by the COVID-19 crisis. The EDI Fund provided the initial source of capital for the Prince George’s County COVID-19 Business Relief Fund (BRF). While there was an intent to raise additional funds from private sector lending institutions that has not occurred because many of those institutions committed to participate in the SBA Payroll Protection Plan (PPP).

The Prince George’s County Economic Development Corporation (EDC) and the Financial Services Corporation (FSC First) successfully launched the BRF on April 13, 2020. As of May 15, 2020, the BRF has issued commitments to 122 companies for more than $4,045,000 in Loans and $837,500 in Grants. Already, $2,110,000 has been wired to the respective borrowers. However, because of the severity of the pandemic on the regional and national economies, Prince George’s County businesses have applied for almost three times the BRF’s available $10 million.

As a result of the $158 Million federal CARES Act Grant to Prince George’s County, the County Executive intends to allocate $20 Million from the CARES Act Grant to fund the previously announced COVID19 Business Relief Fund (BRF). The County intends for the CARES Grant to reimburse the initial $10 Million EDI Fund allocation to the BRF. There are two critical changes: (1) The additional allocation gives us an opportunity to include sole proprietors, 1099 contractors and co-ops as eligible to apply; and (2) According to OMB, to be eligible for reimbursement the business relief assistance must be grants and cannot be in direct loans. That factor necessitates the following changes to both the initial awards from the BRF and to all future awards.

Previously Approved Applications:

a. In order to be reimbursable by the federal CARES Act Grant, all current BRF funded Loans must be converted to Forgivable Loans or Grants. The maximum assistance was originally $100,000 in loan funds and $10,000 in grant funds. Therefore, for previously approved applications, the maximum grant amount would now be $110,000 (although the typical BRF loan has been under $50,000, several Borrowers have received the maximum.). The Office of Law will process the necessary documentation for these changes.

b. Applicants who applied (and were approved) only for a $5,000 or $10,000 grant will be contacted and given the opportunity to revise their request considering the new provisions of the program going forward.

Newly Processed and Newly Submitted Applications:

a. Under the provisions of the $20 Million Allocation from the CARES Act Grant and the renamed Business Recovery Initiative (BRI) Guidelines, effective May 15, 2020 all commitments will be funded as Grants. In addition, the deadline for applications to the BRF is extended to 11:59 PM EST on May 29, 2020.

b. Grant award amounts will range from a $5,000 Minimum to a $100,000 Maximum.

c. Eligible applicants may include sole proprietors, 1099 contractors and co-ops.

d. All current and future BRI applicants will be required to submit:

• COVID19 Business Recovery Initiative Online Application Form

• 2018 Tax Returns

• 2019 Tax Returns or Internally-prepared financial statements

• 2020 Interim Income Statement (January – March 2020)

• Proof of an application to either the Maryland Department of Commerce’s COVID business relief programs or to the SBA’s COVID or EIDL programs.

e. The amount of Grant awards will be based upon financial statement analysis and needs assessment, regardless of the grant or loan amount that an applicant may have initially requested. Therefore, if a business has already applied, they will not have to re-apply.

f. Consistent with the prior review process, the amount of Grant awards to companies will be adjusted depending on the number of jobs affected and the justification of actual company losses caused by the COVID-19 crisis and the effects of various mandatory business closures or limitations on operations.

g. The Grant Agreement may contain the customary “public benefit requirements”.

EDC and FSC First will adjust their document review and evaluation process consistent with the changes noted above.

The modifications to the County’s COVID Business responses described in this letter will provide for a more streamlined eligibility and evaluation process and should result in funds being available to Prince George’s County companies through the BRI even more expeditiously. A communication strategy for these modifications is being finalized and will be implemented to provide all necessary information to both existing and prospective applicants.

Sincerely,

Shelly M. Gross-Wade
President and CEO
FSC First

David S. Iannucci
President and CEO
Economic Development Corporation

COUNTY EXECUTIVE ALSOBROOKS ANNOUNCES MORE FUNDING FOR COVID-IMPACTED SMALL BUSINESSES

COVID-19 Business Relief Fund Application Deadline Extended to May 22nd

Yesterday, Prince George’s County Executive Angela Alsobrooks announced that the County, subject to County Council approval, is contributing an additional $10 million in funding into its COVID-19 Business Relief Fund to help support and sustain its local businesses. This announcement comes in coordination with the County Executive’s decision to extend the County’s Stay at Home order through June 1st.  In response to the tremendous need and interest in the Business Relief Fund program, County Executive Alsobrooks has also directed an extension of the Fund deadline to May 22nd. 

 “I am pleased to be working with our County Council to make these additional funds available to the Prince George’s County business community,” said County Executive Alsobrooks.  “Small businesses make up more than 90% of the companies in Prince George’s County.  They are our neighbors and our friends, and right now they are hurting. Together, with the resources coming from the federal government and the State of Maryland, our goal is to help our small businesses survive through this pandemic and be able to come out on the other side of it stronger than ever.”

 Originally announced in April, the multi-million-dollar Prince George’s County COVID-19 Business Relief Fund, administered in partnership with the Prince George’s County Economic Development Corporation and FSC First, was created to provide financial assistance to businesses affected by the COVID-19 crisis and consists of low-cost loans of up to $100,000 and grants up to $10,000.  Recipients can utilize the Relief Fund to support cash operating expenses including payroll, suppliers, rent, fixed debt payments and other business-critical cash operating costs.

 “The additional funding for the County’s COVID-19 Business Relief Fund will continue to help small, local, and minority-owned enterprises in the County that still face closure and layoffs, and will sustain those operations during the coronavirus emergency,” said County Council Chair Todd Turner. “The use of funding from the Federal Coronavirus Aid, Relief, and Economic Security (CARES Act) will further provide financial assistance available to County-based businesses and employees as intended by Congress.  We thank our Federal partners, and County Executive Angela D. Alsobrooks and her team, for their invaluable partnership in response to COVID-19.”

 In addition to the $10 million, the Relief Fund was presented with a contribution of $65,000 from Baltimore Gas and Electric as part of its outreach to the Prince George’s County business community. Since its inception, the COVID-19 Business Relief Fund has received more than 1,400 applications with additional applications in the pipeline and has processed more than 400 applications. More than 100 companies have received commitments totaling more than $4,117,500. The County disbursed its first loans and grants to 15 companies in the amount of $780,000 within 27 days of its announcement.

The additional funding will be focused on expanding the program to address the needs of sole proprietors, 1099 independent contractors and co-ops, as these entities were previously ineligible for the loans and grants.

For more information about the Prince George’s County COVID-19 Business Relief Fund, visit

https://www.pgcedc.com/covid-business-fund-2020.  

JOINT STATEMENT ON REGIONAL COOPERATION AMONG MARYLAND CAPITAL REGION LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS

We, the Undersigned, represent the County Economic Development Organizations in the Maryland Capital Region, surrounding Washington DC.  Collectively, our Counties include 3.3 million citizens of Maryland, and 1.4 million jobs or over 52% of the Maryland economy.  While we are all fully and passionately committed to pursuing economic growth and prosperity for our specific Counties, we recognize that we are each part of a larger region, both as part of the State of Maryland and within the Greater Washington DC area.  Each County has unique strengths and resources that direct our individual economic development strategies, but the economic success of each County is inextricably linked to the Greater Washington DC region and to the State of Maryland. 

            This commonality of interests has brought us together to explore economic development collaboration on a regional level. This Joint Statement is intended to outline our commitment to growing a stronger Maryland Capital Region.

            Collectively, there are many existing areas where we already collaborate on a regional basis in economic development.  The below-signed organizations currently recognize that we are stronger together marketing as a region for out-of-market business attraction. Our collective assets present a strong business case and marketing these resources together helps raise our profile and provides an array of options to prospective clients. Additionally, as it relates to existing, in-market companies, we agree to a protocol of contacting each other when a business or company located in one jurisdiction indicates an interest in a location in another County.  Further, there is a consensus that with regard to businesses located in other Maryland jurisdictions, we agree to only reactive business development driven by such businesses’ clear interest in relocating to our counties.  We agree that we are each entitled and obligated to strongly promote the assets and strengths of our own jurisdictions, but that there is no place for disparaging competitors.  We further state that it is standard practice to include resources and assets located in neighboring jurisdictions in our individual marketing and prospect pursuits efforts. 

To further opportunities for regional collaboration, we agree to: 

1.      Explore regional joint marketing, branding, and promotional programming where the collective strengths of each County will enhance and benefit all the Undersigned;

2.      Establish shared economic development rules of ethical marketing and branding;

3.      Formalize protocols for communication in addressing business prospects and relocation events;

4.      Evaluate multi-county or state-level policy changes to address competitiveness issues for the Capital Region, or that may encourage growth in specific industry sectors, on a regional basis;

5.      Consider collective efforts in support or pursuit of targeted industry sectors where we have the opportunity to capitalize on unique assets or resources within the Maryland Capital Region;

6.      Engage other regional economic development partners when a broader economic development strategy will directly benefit the entire DMV; and

7.      Coordinate joint efforts to support a regional economic recovery from emergencies and crises, such as Covid-19, that collectively affect our communities. 

The above list is not exhaustive but represents a starting point for regional collaboration.

We, the Undersigned, on April 1, 2020, in good faith, agree to this Joint Statement for Regional Collaboration in Economic Development.

• Jill Seamon Anne Arundel County

• Darrell Brown Charles County

• Helen Propheter Frederick County

• Larry Twele Howard County

• Benjamin H. Wu Montgomery County

• David S. Iannucci Prince George’s County

• Pam Ruff MEDA