The Opportunity Zone Microgrants offering has closed due to an overwhelming response
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.
Purpose
The Opportunity Zone Microgrant is to assist expanding businesses located in an Opportunity Zone in Maryland.
Who Can Apply
The Opportunity Zone Microgrants application is closed as of October 5, 2022
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.
More Information
To find out more about this funding, read the
Application Guide
CONTACT: Christopher Cho,
Christopher.cho@maryland.gov
