Third round of Opportunity Zone Microgrant Funding applications open Tuesday
ANNAPOLIS, Md. – Governor Larry Hogan announced on Monday that the third application round of Opportunity Zone Microgrant Funding will open tomorrow, October 4th.
This will allow eligible small businesses seeking to expand within designated Opportunity Zones to apply for microgrants ranging from $50,000 to $100,000. These Opportunity Zone Microgrants will be distributed through the Neighborhood BusinessWorks program administered by the Maryland Department of Housing and Community Development.
Maryland has a total of 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 in Maryland
- Employ between two and 50 full-time equivalent employees
- General annual revenue between $300,000 and $5 million
- Be in good standing with the Maryland State Department of Assessments and Taxation
Applications will close based on the availability of funds. Businesses are encouraged to apply quickly as applications will be reviewed on a first-come, first-served basis.
More information on Opportunity Zones in Maryland can be found here.
