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Economic Development Fund activity: MOVE oversubscription, grant & loan awards disbursed and SBIR matches
Summary
Finance and executive staff reported the Economic Development Fund has been active in FY25: about $2.87 million had been dispersed to date across several EDF programs, the MOVE program activity increased and the SBIR/STTR local match program disbursed roughly $140,000 to seven businesses.
Department of Finance and county executive staff briefed the committee on FY25 activity in the county’s Economic Development Fund (EDF), detailing awards, encumbrances and program demand.
Staff said roughly $2,870,000 has been dispersed from the EDF to date in FY25 across multiple programs. Encumbrances for MOVE and other programs were reported: the MOVE program had approximately $1,500,000 in dispersed and encumbered awards (a notably faster pace than prior years) and there were encumbrances of roughly $845,000 for MOVE agreements and about $286,000 for Purple Line small‑business grants noted in staff materials. Finance staff explained the fund’s accounting is designed to allow flexibility across programs, but that continuing high demand could produce a low or zero ending balance without additional appropriations.
MOVE program staff said they are seeing significantly higher demand in FY25 than in recent years and that larger awards (the updated MOVE maximum and expansion awards) have increased encumbrances. For the EDF grant and loan discretionary program, staff reported large awards in FY25 (for example, a previously discussed $1.3 million award tied to a site retention matter was among the larger FY25 grants cited) and noted other awards and pending agreements; staff said some FY26 EDF obligations are already encumbered as part of multi‑year agreements.
The SBIR/STTR local matching grant program had dispersed about $140,000 in FY25 to seven firms (including phase‑0 awards); staff said they expect continued applications and are monitoring federal grant timing, which some applicants reported has been delayed. Finance staff also said the EDF microloan funding has begun to disperse through partner lenders and that the Purple Line small‑business impact grants continue to be issued monthly.
Committee members asked for more granular data: which businesses were retained or attracted through EDF awards, job counts tied to encumbered awards, geographic distribution of microloan recipients, and the administration’s plan to avoid program pauses if demand remains high. Finance staff said they are preparing additional detail and that the FY26 recommended budget will propose funding adjustments to align EDF program demand and county resources.
No vote was taken; staff said they will return with more detailed lists, job projections and program‑level outcomes in forthcoming reports.
