News Flash

DCED

Posted on: May 24, 2021

Opportunity Zone Microgrant Opens Tomorrow!

Department of Commerce

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. 

Who's Eligible?
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 but fewer than 50 employees (full time equivalent) as of May 25th, 2021;
  • 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)


Here is a link to the City of Hagerstown Opportunity Zone map to check if you are in an eligible location: https://www.hagerstownmd.org/1334/Opportunity-Zone

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.

For more information on this program visit: https://dhcd.maryland.gov/Business/Pages/OZ-Microgrant.aspx 

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