(Maryland DHCD) NEWS RELEASE - Hogan Administration Announces Grant Awards for Opportunity Zone Investment
Hogan Administration Announces Grant Awards for Opportunity Zone Investment
Neighborhood BusinessWorks Microgrants to support start-up or expanding businesses in designated Opportunity Zones
New Carrollton, MD (January 13, 2021) - Governor Larry Hogan today announced $500,000 in grant awards to 13 small businesses to support investment in Maryland's designated Opportunity Zones. The microgrants, offered through the Maryland Department of Housing and Community Development's Neighborhood BusinessWorks Program, range from $10,000 to $50,000 for start-up and expanding businesses located within an Opportunity Zone.
"We have worked to improve Maryland's cities, towns, and neighborhoods through targeted investment that supports business development and spurs positive economic growth while respecting the character of the community and the needs of its residents," said Governor Hogan. "The federal Opportunity Zone incentives provide Maryland with another tool to revitalize communities that really need help, and the new Opportunity Zone Microgrant creates another attractive incentive for business investment and job creation."
The federal Opportunity Zones tax incentive is a nationwide initiative administered by the U.S. Treasury and managed within the state by the Maryland Department of Housing and Community Development. The tax incentive provides federal capital gains tax incentives for investment in economically distressed and under-served communities. Maryland has 149 designated Opportunity Zones, and each of Maryland's 24 jurisdictions has at least one designation. According to the recently upgraded Maryland Opportunity Zone Information Exchange, there are more than 118 projects totaling $12.5 billion of capital investments, comprising 31,000 housing units and 45 million square feet of commercial development located in the state's Opportunity Zones.
"In 2019, we traveled the state listening to citizen input regarding how we can best support job creation and prosperity in our 149 designated Opportunity Zones" said Lt. Governor Boyd Rutherford, who chaired the Maryland Opportunity Zone Leadership Taskforce. "With these microgrants, small businesses will grow and flourish in many of Maryland's forgotten areas."
"Small business creation, growth, and retention is a key factor in revitalizing our communities and positioning them for sustainable success -- especially in communities seeking to rebound from long term disinvestment," said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. "The Opportunity Zone Microgrant will help bring much-needed goods, services, and, most importantly, jobs to community residents."
Awardees, subject to local jurisdiction approval, are:
ARMR Systems, Inc
Clene Nanomedicine, Inc.
Corner Tavern and Cafe
GD Laminates & Millwork
Manta Biofuel Inc
Mera Kitchen Collective,LLC
Microsphere Material Solutions
Mogan's Oyster House (Shamrock Hospitality Group LLC)