County Executive Ike Leggett yesterday announced a $2 million infusion to the County's Small Business Revolving Loan Fund (SBRLF). The $2 million infusion brings the SBRLF balance to over $2.4 million for FY11. Montgomery County is home to over 25,000 business establishments with 50 or fewer employees, including advanced technology company XFI of Bethesda, where yesterday’s event was held.
The County’s SBRLF was established in 2002 as part of the Montgomery County Economic Development Fund Grant and Loan Program (EDF) and is managed by the Department of Economic Development (DED). Since inception, more than $1.883 million in SBRLF loans have been distributed to 30 county businesses, many of which are minority owned.
Ali Ghaed, CEO and President of XFI, expressed his gratitude to the County Executive as well as the County Council for their support of small local businesses in Montgomery County. Founded in 1996, XFI spent years in the development of a break-through technology called Xference® that transforms the way companies sell, service, and compete. For more information on XFI, go to http://www.xfi.com/.
Legislative Aide Laurie Edberg represented the Trachtenberg Office.