The Department of Housing and Community Development (DHCD) through the Neighborhood Business Works (NBW) program is offering up to $500,000 of Opportunity Zone Microgrant ranging from $25,000 to $100,000 to businesses that are expanding within an opportunity zone in Maryland. Applications will be accepted online starting May 25th, 2021, 12PM EST. Please check back to DHCD's website periodically for additional updates. The application round is projected to close on Tuesday, June 8, 2021 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:
The Opportunity Zone Microgrant is to assist expanding businesses located in an Opportunity Zone in Maryland.
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.
The for-profit business must demonstrate plans for growth and meet ALL of the following criteria:
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.
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. When the round is open, the application can be found at https://apps.dhcd.state.md.us/NBWOZGrant/account/login. 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.
To find out more about this funding, read the Application Guide
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