New Vitality Fund now available to support business attraction and expansion in DC
As DC begins to welcome back both office workers and visitors, the Office of the Deputy Mayor for Planning and Economic Development (DMPED) has expanded the eligibility criteria for the Vitality Fund, an incentive that assists businesses within targeted sectors to relocate, expand, or remain in the District.
Beginning October 1, 2022, new eligibility criteria will broaden the scope of the fund and ease requirements for interested businesses. Eligible businesses will include those with 25 full-time employees or more that lease or own at least 7,000 SF of space in any District location for a minimum of five years. The fund will support businesses involved in the following key sectors:
- Communications & Marketing
- Consulting Services
- Finance & Insurance
- Life Sciences
- Professional Services
- Technology & Innovation
Businesses will be required to have employees be onsite, in the aggregate, for at least 50% of work hours and will have the option to either implement a workforce development program for District residents or commit to spending at least 5% of annual contracting with local businesses.
Successful applicants will be awarded a discretionary grant that can be used for a variety of purposes including initial startup capital, operational costs, down payment assistance, rent subsidy, tenant improvements, workforce training, and recruitment and hiring costs.
The Vitality Fund incentivizes growth in a city that offers several key amenities for its office users. Office tenants throughout the District enjoy easy access to the region’s highly talented and diverse labor pool, multimodal transit service, and many options for casual and destination dining, hotels, and meeting venues.
If you are interested in learning more or applying, reach out to Prayas Neupane, Director, Business Attraction & Expansion, for further information.