The Arlington County Industrial Development Authority (IDA) has joined Arlington Economic Development’s (AED) efforts to help small businesses by participating in the County’s Small Business Emergency GRANT (Giving Resiliency Assets Near Term) Program. The IDA, in approving the program at its April 23 meeting, also approved a contribution of $326,000 of its own funding.
Together with the $674,000 of funding from the County, and the recently announced contributions of $100,000 each by the Crystal City and Rosslyn Business Improvement Districts, total GRANT program funding has reached $1.2 million.
Edwin Fountain, Chair of the Arlington County IDA, noted that “The mission of the IDA is to promote business investment in Arlington County, which includes not only recruitment of new businesses, but also retention of companies already operating in the County. In the current situation, retention means helping Arlington companies– the great majority of which are small businesses – to weather the coronavirus storm. The IDA is pleased to use its resources to support the business community and citizens of Arlington during this unprecedented economic crisis. ”
The GRANT program, approved by the Arlington County Board on April 16, is a partnership between the County and the IDA to assist Arlington County small businesses experiencing financial hardship due to COVID-19. The GRANT program will provide grants of up to $10,000 to businesses and non-profits with less than 50 employees. Businesses may use the grants for employee salary and benefits as well as for other business capital and operating expenses directly related to the immediate impacts of COVID-19. County funding of $674,000 for the program is being reallocated from existing grant funds in the FY 2020 budget.
“We are thrilled to see the IDA join us in this effort to help Arlington’s businesses community,” said Telly Tucker, Director of Arlington Economic Development. “This effort will help support many more of Arlington’s businesses in a time they need it the most.”
The Arlington County IDA is a separate political subdivision of the Commonwealth created pursuant to Code of Virginia under the Industrial Development and Revenue Bond Act. The IDA promotes industry and develops trade by inducing manufacturing, industrial, governmental, non-profit, commercial and other enterprises to locate, remain and expand in the County. This is primarily done through its ability to issue tax-exempt bonds for eligible businesses, non-profits, governmental entities, and affordable housing developers. The IDA is also permitted to make loans or grants to any person, partnership, association, corporation, business, or governmental entity in furtherance of the purposes permitted under the Code of Virginia.