If you are a small business that is looking to start or expand in Wicomico County, check out
Maryland Department of Housing and Community Development’s Neighborhood BusinessWorks Microgrant
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 $10,000 to $50,000 to early stage businesses and/or businesses that are expanding within an opportunity zone in Maryland. Applications will be accepted online starting November 17th, 2020, 12PM EST. Please check back to DHCD’s website periodically for additional updates.
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:
Purpose:
The Opportunity Zone Microgrant is to assist small start-ups or expanding businesses located in an Opportunity Zone in Maryland.
Who Can Apply
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.
Eligibility Criteria:
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 50 or fewer employees (full time equivalent) as of November 17th, 2020;
- Have an annual revenue of less than $5 million;
- Be in good standing with the Maryland Department of Assessments and Taxation (SDAT)
Eligible Business Locations
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.
How To Apply
Applications are evaluated based on meeting eligibility requirements and a review of the business’ financials. 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.
