Gov. Larry Hogan announced that the third application round of Opportunity Zone Microgrant Funding will open, Tuesday, Oct. 4, allowing eligible small businesses seeking to expand within designated Opportunity Zones to apply for microgrants ranging from $50,000 to $100,000.
The Opportunity Zone Microgrants will be distributed through the Neighborhood BusinessWorks program administered by the Maryland Department of Housing and Community Development.
Maryland has 149 designated Opportunity Zones and each of Maryland’s 24 jurisdictions has at least one designation. The first two rounds of Opportunity Zone microgrant funding have invested $1 million in 20 businesses across the state.
Eligible for-profit businesses must demonstrate plans for growth and meet the following criteria:
● Have secured a matching contribution equal to or greater than the grant request amount;
● Be located at an eligible location in an Opportunity Zone;
● Employ between two and 50 full-time equivalent employees;
● Generate annual revenue between $300,000 and $5 million, and;
● Be in good standing with the Maryland State Department of Assessments and Taxation.
Applications for the third round of funding will close based on the availability of funds. DHCD encourages businesses to apply quickly as applications will be reviewed on a first-come, first-served basis. For more information, visit dhcd.maryland.gov/OpportunityZones.