Arlington County, Virginia has launched a new grant program aimed at supporting tech startups and reducing office vacancies. The program, called the Catalyst Grant Program, will provide funding to early-stage tech startups in order to encourage them to remain in Arlington. The initiative will allocate $650,000 from the Arlington Economic Development’s Arlington Innovation Fund, which received $1 million in the 2024 Fiscal Year budget.
The grants, ranging from $25,000 to $50,000, will be given to companies that commit to staying in Arlington for at least two years. The program aims to attract smaller businesses and ultimately drive down office vacancy rates, which stood at 23% in the first quarter of 2023. By providing capital to early-stage tech startups, Arlington County hopes to accelerate their growth and entice them to establish and expand their operations in the city.
Ryan Touhill, the director of Arlington Economic Development, expressed the goal of supporting these startups in their early stages in order to foster their long-term success. The focus is on smaller and newer companies as large, legacy firms are not currently seeking relocation. Touhill emphasized that the economic development division aims to promote inclusive economic development by encouraging applications from entrepreneurs representing underrepresented communities. The county hopes that at least half of the Catalyst Grant Program recipients will be women-, veteran-, and minority-owned businesses.
To generate interest in the program among entrepreneurs and small businesses, Arlington Economic Development plans to collaborate with community universities, organizations, and groups. The application period is expected to open in August, and the winners will be announced in the fall. If any funds remain, a second application cycle may take place in the winter or spring.
The grants offered through the Catalyst Grant Program can be used to cover various costs, including salaries, benefits, training and recruitment, research and development, commercial real estate, and equipment. The program aims to provide vital financial support to early-stage tech startups while fostering an environment of inclusivity and opportunity. Arlington County hopes to become a model for other communities seeking to promote inclusive economic development.
By implementing this grant program, Arlington County aims to attract and retain tech startups, boosting job growth and driving innovation within the region. The program’s focus on supporting underrepresented entrepreneurs and businesses further demonstrates the county’s commitment to diversity and inclusivity in its economic development endeavors. With its strategic policies and initiatives, Arlington County is positioning itself as a promising hub for tech startups to thrive and succeed.
