Loudoun Economic Development Authority Offers $150K in Grants

The Loudoun County Economic Development Authority has announced a $150,000 competition for entrepreneurs.

The 2020 Innovation Challenge will award a first prize grant

of $75,000 and up to three $25,000 grants to companies developing innovative products and services in Loudoun.

“Entrepreneurs are an important driver of the Loudoun economy and supporting the local ecosystem has been a strategic focus of the EDA,” stated Mark Madigan,Chairman of the Authority. “This program comes out of our desire to directly impact the future of business in Loudoun.”

To win, applicants have to demonstrate how their product or service is unique and innovative, its potential economic benefits to Loudoun County, and the potential to scale their business up. Applicants must have a for-profit business model and physical location in Loudoun, or commit to establishing future office space or jobs in the county.

Small business owners and entrepreneurs are encouraged to apply atLoudounInnovationChallenge.combefore March 31. Applications will be considered on a rolling basis, and must include business plans and the most recent annual financial statements, which will be reviewed by the authority’s members.

Finalists will be asked to make an in-person pitch to the EDA. Winners will be announced at the Loudoun Small Business Conference on May 4.

“The Innovation Challenge is designed to support the innovative entrepreneurship happening all over Loudoun County, from east to west and north to south,” stated Buddy Rizer, the executive director of Loudoun’s Department of Economic Development. “Access to capital is always a factor in entrepreneurial success, and I salute the EDA for investing in the next #LoudounPossible success story.”

To apply, fill out the form atLoudounInnovationChallenge.com.

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