Money Moves: Virginia is investing $1.4B in broadband development

Virginia’s $1.4 billion for broadband

With new federal funds, Virginia is making strides to close the digital divide.

The state’s Department of Housing and Community Development (DHCD) announced a $1.481 billion investment in digital equity. The funds come from the federal Broadband Equity, Access and Deployment program via the Infrastructure Investments and Jobs Act. The funds will be targeted at underserved homes, businesses and “community anchors” across the state. The development agency will distribute the funds for broadband infrastructure as well as affordability.

“Broadband is as critical today as electricity was in the last century, and too many communities are at risk of being left behind,” said DHCD Director Bryan Horn in a statement. “By utilizing the framework of VATI, we will be able to effectively and efficiently utilize these federal funds to connect unserved Virginians and move the needle even further on adoption and affordability.”

The federal program that granted these funds allotted a total of $42.5 billion nationwide, including $100 million for DC and $267 million for Maryland.

DC has $2 million for small businesses

Starting this week, the DC government released additional funds for local business owners.

In the latest round of the Small Medium Business Growth Fund grant program, $2 million was made available from Mayor Muriel Bowser Bowser and the Office of the Deputy Mayor for Planning and Economic Development. The program aims to help businesses with capital improvements, purchasing equipment and tech advancements, especially in experiential retail, green innovation, health tech, immersive entertainment, incubators and professional service industries. Qualified companies can receive grants of up to $100,000 through the program.

“We launched the Small Medium Business Growth Fund as another way to show local businesses that we have their backs — that we are here to help them grow and innovate,” said Mayor Bowser in a statement. “Small and local businesses are the backbone of our economy — they create opportunity, hire DC residents, and keep our neighborhoods vibrant. When we invest in our small businesses, we’re investing in our community and in DC’s comeback.”

THP acquired REQ

Dallas, Texas-based private equity firm Trinity Hunt Partners (THP) acquired DC’s REQ, a digital marketing and advertising firm. Terms of the deal were not released.

REQ was founded in 2008 and serves several well-known brands worldwide. REQ is the latest acquisition for THP, which also acquired Exclusive Concepts and Highnoon. The company plans to acquire additional “complementary companies” as well, as it works to build a platform for growth for marketers and business leaders.

“There are great synergies between the Trinity Hunt Partners’ current portfolio companies and REQ, and this strategic investment will enable us to deliver new and expanded capabilities for our clients and growth opportunities for our people,” stated Tripp Donnelly, CEO and founder of REQ. “THP is an ideal partner due to its focus on people, culture and growth.”