ANNAPOLIS, Md. — Governor Larry Hogan announced a third application round of Opportunity Zone Microgrant Funding will open on Tuesday, October 4.
The grants will allow eligible small businesses seeking to expand within designated Opportunity Zones to apply for micro grants ranging from $50,000 to $100,000.
“Throughout my administration, we have used every tool at our disposal to support and grow small businesses in our state, including promoting the tax incentives and redevelopment potential provided by Maryland’s designated Opportunity Zones,” said Governor Hogan. “Initiatives like these microgrants continue our efforts to spur investment and create jobs in communities that are primed for revitalization.”
The first two rounds of Opportunity Zone micro grant funding have invested $1 million in twenty 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 to 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;
- Generate annual revenue between $300,000 and $5 million, and;
- Be in good standing with the Maryland State Department of Assessments and Taxation.
For more details on Opportunity Zones in Maryland, visit here.
Potential applicants can check if their business is in an eligible location with the Maryland Opportunity Zone Information Exchange here.
