The State of Maryland is offering microgrants to support business investment in Maryland’s designated Opportunity Zones. Administered by the Maryland Department of Housing and Community Development, the Neighborhood BusinessWorks Program will be offering "Opportunity Zone Microgrants" ranging from $10,000 to $50,000 to start-up and expanding businesses located within an Opportunity Zone.
Applications will be accepted beginning November 17, 2020, and funding will be available on a first-come, first-served basis.
To apply for the microgrant, a for-profit business must be located in an Opportunity Zone in Allegany County, Garrett County, Somerset County, or Wicomico County; or in an Opportunity Zone that overlaps with a priority funding area in one of Maryland’s 20 remaining jurisdictions. The business must demonstrate plans for growth; have a matching contribution equal to or greater than the grant request amount; have 50 or fewer full-time equivalent employees and an annual revenue of less than $5 million, and; be in good standing with the Maryland Department of Assessments and Taxation.For more eligibility details and application information, visit https://dhcd.maryland.gov/Business/Pages/OZ-Microgrant.aspx.