The Business Boost application round has closed as of October 14, 2024, at 5 PM. Any incomplete applications after the deadline are ineligible.
The Department of Housing and Community Development (DHCD) through the Neighborhood BusinessWorks (NBW) program, is offering up to $2,000,000 of Business Boost microgrants ranging from $20,000 to $50,000 to support small businesses who need capital for growth and/or expansion opportunities. Applications will be accepted online starting September 23, 2024, at 12 PM EST. The application round is projected to close when funds are exhausted.
Please check back to DHCD's website periodically for additional updates.
The Business Boost microgrant assists businesses seeking to expand their business, or establish a location, with a preference to supporting home-based businesses in establishing their first commercial location outside of the home. Business Boost funding will seek to fund businesses that meet one or more of the priority impact attributes that lead to growing the economy throughout the state. A few of the priority impact attributes are:
- Businesses within a Sustainable Communities area.
- Innovative small businesses that drive innovation or technology advancements.
- Businesses that are growing new industries.
- Businesses focused on regional strengths to grow local economies.
- Businesses that leverage partnerships between local school districts, community colleges, and other higher education institutions in Maryland.
- Minority Business Enterprise (MBE).
Who Can Apply
The for-profit business must demonstrate plans for growth and meet ALL of the following criteria:
- Be in a Sustainable Communities area;
- Have a matching contribution equal to or greater than the grant request amount;
- Be located in an eligible location in Maryland;
- Have greater than 2 employees and 50 or fewer employees (full-time equivalent) as of March 13th, 2024;
- Have an annual revenue greater than $50,000 but less than $1 million;
- Be in good standing with the Maryland Department of Assessments and Taxation (SDAT);
- Be in good financial and legal standing, i.e., no past due amounts, liens, or judgments due to legal or financial defaults or delinquencies;
Professional services and sales based businesses, including Insurance, Accounting, Real Estate, Legal, Finance and other similar structured businesses are not eligible. Also, non-profit organizations, cannabis-based businesses, pawn shops, gun shops, massage parlors, adult video/book shops, adult entertainment facilities, tanning salons, check-cashing facilities, gambling facilities, tattoo parlors, and liquor stores are not eligible.
Eligible Business Locations
The NBW Business Boost Microgrant funding is for businesses located in a Sustainable Communities area. Use the
Neighborhood Revitalization Mapper to see if your business location qualifies.
How To Apply
The Business Boost application round has closed as of October 14, 2024, at 5 PM. Any incomplete applications after the deadline are ineligible.
Applications are evaluated based on meeting eligibility requirements and a review of the business’ financials. Priority of funding will be based on the impact of the business’s expansion plans (new hires, capital investment, increase in square footage) and completeness of the application and the geographic diversity. All applicants will create an account to initiate an application, to make updates to their application, to check on the status of their application and to receive any communications related to their application.
More Information
To find out more about this funding, read the
Business Boost Microgrant Application Guide and FAQs.
NOTE: Please read the application guide and the FAQs to answer all of your questions. After reading ALL of the materials, if you still have questions, please email specific questions to microreview.dhcd@maryland.gov.
