The Business Expansion Fund is open to existing Rockville businesses expanding their operations within the corporate limits of the City of Rockville. Ideal applicants are businesses that strengthen the City’s economy by creating jobs in high-growth industries and investing in the quality of their facility.
The Business Expansion Fund is designed to support existing Rockville businesses that seek to lease or purchase additional Class A or B office, industrial, or flex space to accommodate their growing needs. Businesses expanding within the corporate limits of the City of Rockville are eligible to receive a grant in the amount of up to $5.00 per square foot for the additional space occupied, with a maximum grant amount of $20,000 per application. Grants are subject to the amount of available funding at the time of application.
To qualify for the Business Expansion Fund, applicants must meet the following criteria:
- The applicant must be an existing business within the corporate limits of Rockville and in good standing with the City.
- The applicant can operate in any industry sector, except retail and restaurants.
- The applicant must purchase a property or execute a lease with a landlord for at least three years in a property categorized as Class A or B office, industrial, or flex space in the City. Classification of the space is verified through CoStar.
- The applicant must be expanding into a minimum of 1,000 additional square feet of space.
- The application receipt date must be within 90 days of the signed lease date or closing date.
- Complete the online application found here.
- Provide the required supporting documentation via the online application or email:
- Copy of the Articles of Incorporation or similar documentation of company structure.
- Copy of the signed lease or purchase agreement.
- Evidence of occupancy at the address of the leased or purchased space (e.g., moving or utility bill, occupancy permit, etc.).
- For businesses that will take occupancy at a future date, you may submit an application at this time; however, an approval will be based on the condition that this evidence will be provided at a later date.
- No grant awards will be disbursed until this evidence is received.
- If the business has not taken occupancy at the time of application, please provide this evidence
- Once all documentation is received, REDI will review the application and determine eligibility.
- Eligible applications will be forwarded to a City-appointed committee for funding determination.
Please note that as a condition of receiving a grant, businesses must provide updated information (e.g., number of jobs, average employee salary, space occupied, etc.) annually to help REDI evaluate the program’s impact.
For more information contact Michael Stiefvater at (301) 355-2202 or firstname.lastname@example.org