Maryland to begin reviewing third round of applications for small business grants
BALTIMORE -- Small business owners in Maryland will have a third chance at obtaining a grant that could help them grow their companies starting Tuesday.
Gov. Larry Hogan announced on Monday that the third round of applications for Opportunity Zone Microgrants would be open to the public this week.
The grants range in size from $50,000 to $100,000.
The grants are distributed through the Neighborhood BusinessWorks program, which is administered by the Maryland Department of Housing and Community Development, according to state officials.
The first two rounds of Opportunity Zone microgrant funding sank $1 million into 20 businesses across Maryland, state officials said.
Small business owners who want to apply for microgrants must meet five different 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;
Generate annual revenue between $300,000 and $5 million, and;
Be in good standing with the Maryland State Department of Assessments and Taxation.
Applications for the third round of funding will be reviewed on a first-come, first-serve basis. They will only be open as long as funds are available, state officials said.
To visit the Maryland Opportunity Zone Information Exchange or find more details on Opportunity Zones in Maryland, visit dhcd.maryland.gov/OpportunityZones.