(Photo by Wikimedia Commons user D. Gordon E. Robertson, obtained via Creative Commons license)
Arlington Economic Development (AED) is ready to make it easier for more tech companies to move into the city, they’re backing it up with a grant fund that totals $1 million.
The Gazelle Grant aims to convince more cybersecurity, fintech, edtech, big data/cloud computing, and energy companies to move their offices to Arlington, Va. This incentive project targets companies that fall under the following criteria:
- Proven business and financial success as a technology company or tech catalyst organization
- A new or existing company to Arlington with at least 30 percent job growth over a three-year period
- Move-in date in the next 12 months and commit to at least a three-year office lease in Arlington
- Demonstrate capital-raising ability
All companies selected will go through a two-level vetting process, conducted by AED and a third-party financial organization, and the final say will be left to the Arlington County Board.
In return, companies receive grants of anywhere between $10,000 – $150,000 and benefit from the proximity to DC without bureaucratic nightmares that at times befalls logistics in the capital.
The first two grants were awarded to stock photo marketplace VideoBlocks and knowledge graph company Stardog. Christina Winn, director of the Business Investment Group at AED, believes they have real potential to grow and succeed here in Arlington.
“The Gazelle Grants are designed to help companies just like these – ones that are beyond that initial startup phase and that are in a period of fast growth,” Winn said. “We feel that by attracting companies at this critical stage of growth and engaging them in the Arlington business community and all the services and resources that we have to offer, that they will be committed to Arlington and continue to grow and expand here.”
According to the Washington Business Journal, AED is looking to add another 8 to 13 companies to its roster.
“We’re thrilled that our efforts to attract and retain these companies is paying off in the form of a successful, expanding economic ecosystem. More tech companies are seeing what the Arlington tech ecosystem has to offer and coming to us to get connected,” Winn told Technical.ly.
Applicants are screened and vetted on a rolling basis. Click the button below to learn more about the Gazelle Grant and determine your business’ eligibility.