Neighborhood Business Works (NBW) Program: Opportunity Zone Microgrant Funding Available!

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The Department of Housing and Community Development (DHCD) through the Neighborhood Business Works (NBW) program is offering a third round of Opportunity Zone Microgrants ranging from $50,000 to $100,000 to businesses that are expanding within an opportunity zone in Maryland​. Applications will be accepted online starting October 4th, 2022, 12PM EST. Please check back to DHCD's website periodically for additional updates. The application round is projected to close on Tuesday, October 11, 2022 at 12PM EST.

Note: Applications will be reviewed on a first come first serve basis and the department will stop receiving applications based on availability of funds.

Additional details are as follows​:​​​​​

Purpose

​The Opportunity Zone Microgrant is to assist expanding businesses located in an Opportunity Zone in Maryland.

Who Can Apply

A for-profit business that is in an opportunity zone in Allegany County, Garrett County, Somerset County, Wicomico County or in an opportunity zone that overlaps with a priority funding area in one of the remaining jurisdictions.

Eligibility Criteria

The for-profit business must demonstrate plans for growth and meet ALL of the following criteria:

  • Be a for-profit business;
  • Have a matching contribution equal to or greater than the grant request amount;
  • Be located at an eligible location in an Opportunity Zone in Maryland;
  • Have greater than 2 employees and 50 or fewer employees (full time equivalent) as of October 4, 2022​;
  • Have an annual revenue greater than $300,000 but less than $5 million;
  • Be in good standing with the Maryland Department of Assessments and Taxation (SDAT)

Eligible Business Locations​

The NBW Microgrant funding is targeted to opportunity zones in Allegany County, Garrett County, Somerset County, and Wicomico County or in an opportunity zone that overlaps with a priority funding area in one of the remaining jurisdictions. Use the Incentive lookup tool to see if your business location qualifies.

How to Apply

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. 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. When the round is open, please complete the online application​.

More Information

To find out more about this funding, read the Application Guide​​​

CONTACT: Christopher Cho, Christopher.cho@maryland.gov