The Montgomery County Economic Development Corporation (MCEDC) launches
a year-long pilot program designed to help small biotech companies fund
wet lab space in Montgomery County, Maryland. The Bio Lab Pilot project
will assist the County’s growth-stage life sciences companies with their
infrastructure needs.
The successful applicant must agree to be headquartered in the County
for three years, and lease wet lab space that is 5,000 SF or less. The
grant award will provide $10 per SF of lab fit-out costs, up to $30,000
per company.
“Young BioHealth companies are not always able to obtain conventional
financing. These grants are designed to help fill the funding gap
associated with wet lab costs,” said David Petr, President and CEO of
MCEDC.
MCEDC will fund the pilot project with $250,000 from its FY19 budget,
which includes $50,000 in funding from the Maryland Department of
Commerce.
“Maryland Commerce is pleased to support this project, which will help
offset the cost of wet lab space and encourage more small biotech
companies to grow in Montgomery County,” said Kelly M. Schulz,
Maryland’s Commerce Secretary.
Expanding local companies, new start-up companies, and relocating
companies are eligible to apply for Bio Lab Pilot funds to fit-out newly
leased lab space. Developers and building owners are ineligible to
receive pilot program grants. The threshold criteria for a pilot award
will be the demonstrated evidence of a funding gap that prevents the
company from completing its new lab fit-out.
The application is available at Bio
Lab Pilot.
The Montgomery
County Economic Development Corporation (MCEDC) is the
official public-private organization representing Montgomery County,
Maryland. The organization was created in 2016 to help businesses start,
grow, and relocate in Montgomery County by providing access to top
talent, business and market intelligence and prime locations. Follow us
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