UPPER MARLBORO, Md. (AP) — Prince George’s County has established a $50 million fund aimed at creating jobs and
encouraging economic development.   

The fund is part of the $2.63 billion spending plan unveiled this week by County Executive Rushern Baker III. 

READ MORE: Maryland Weather: Tornado Watch In Effect For Parts Of Maryland

County budget director, Tom Himler, tells The Washington Post that the county plans to draw down $7 million from it this year and that more money could come during the fiscal year with legislative approval. 

READ MORE: Will Baltimore Make The List? FIFA Plans To Announce 2026 World Cup Sites On June 16

The county would use the fund to make loans to businesses, including for land acquisition, start-up capital and mixed-use development projects. The county’s chief administrative officer or a designee would work out the rates and terms, and recipients would have to pay back loans in less than 10 years. 

MORE NEWS: Near-Record Heat For Preakness Stakes Another Test For Epicenter

(Copyright 2011 by The Associated Press.  All Rights Reserved.)