The Department of Economic Development (DED) has released the application and qualification criteria for The Green Investor Incentive Program designed to drive green innovation locally by supporting early-stage investors. Investment in green companies is encouraged through reimbursements to qualified investors of payments up to $25,000.
To qualify as a green business, a company must provide a green product or technology, be headquartered in the County, have been in business for less than 10 years and employ fewer than 50 people. The company must also practice green business operations and be a certified B-Corporation, Montgomery County Certified Green Business or have earned a similar designation.
Investors and green companies will be qualified through an application process that opened July 24. The program will be first-come, first-served, and investors can apply until January 15, 2014.
Individuals and investment firms that have invested in qualified green companies from July 24, 2013 until December 31, 2013 are potentially eligible to access this year’s $500,000 appropriation which will be allocated by a pre-set formula. Qualified investors cannot be pension or retirement funds and cannot have an ownership stake in the company prior to investing.
Get more information and download the application.