{"id":11124,"date":"2022-12-22T13:28:21","date_gmt":"2022-12-22T18:28:21","guid":{"rendered":"https:\/\/news.maryland.gov\/dhcd\/?p=11124"},"modified":"2023-01-11T11:57:01","modified_gmt":"2023-01-11T16:57:01","slug":"hogan-administration-announces-opportunity-zone-investment-awards","status":"publish","type":"post","link":"https:\/\/news.maryland.gov\/dhcd\/2022\/12\/22\/hogan-administration-announces-opportunity-zone-investment-awards\/","title":{"rendered":"Hogan Administration Announces Opportunity Zone Investment Awards"},"content":{"rendered":"\n

Neighborhood BusinessWorks Microgrants will support start-up or expanding businesses in designated Opportunity Zones<\/span><\/i><\/h2>\n

\u00a0<\/b>NEW CARROLLTON, MD<\/b> (December 22, 2022) \u2013 The Maryland Department of Housing and Community Development announced today more than $1 million in grant awards to support investment in Maryland\u2019s designated Opportunity Zones. Microgrants ranging from $50,000 to $100,000 were administered through the department\u2019s Neighborhood BusinessWorks Program to 12 start-up and expanding businesses located within an Opportunity Zone.<\/span><\/p>\n

\u201cThe federal Opportunity Zone incentives complement state revitalization and small business assistance programs, spurring investment and job creation in historically disinvested areas,\u201d said Governor Larry Hogan. \u201cThrough these microgrants and programs like Neighborhood BusinessWorks, our administration has upheld our promise to make sure Maryland remains open for business.\u201d<\/span><\/p>\n

Opportunity Zones were designated through a federal tax incentive program administered by the U.S. Treasury. 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\u2019s 24 jurisdictions has at least one designation.<\/span><\/p>\n

Each of the Opportunity Zone businesses receiving microgrants employ between two and 50 full-time equivalent employees and generate annual revenue between $300,000 and $5 million. They demonstrated comprehensive plans for growth and secured an additional matching contribution equal to or greater than their Opportunity Zone grant request amount.<\/span><\/p>\n

\u201cThe goods, services, and jobs provided by small businesses are fundamental to strong, stable communities,\u201d said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. \u201cThese businesses and their owners want to help improve their communities, and these resources will help them do it.\u201d<\/span><\/p>\n

This is the third round of Opportunity Zone microgrant awards, following previous award rounds in<\/span> January<\/span><\/a> and<\/span> August<\/span><\/a> 2021. Awardees, subject to local jurisdiction approval, are:<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

County<\/b><\/p>\n<\/td>\n

\n

Business<\/b><\/p>\n<\/td>\n

\n

Amount<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Allegany County<\/span><\/p>\n<\/td>\n

\n

Queen City Creamery & Deli, LLC<\/span><\/p>\n<\/td>\n

\n

$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Baltimore City<\/span><\/p>\n<\/td>\n

\n

Black Acres Roastery, LLC<\/span><\/p>\n<\/td>\n

\n

$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Baltimore City<\/span><\/p>\n<\/td>\n

\n

CoapTech<\/span><\/p>\n<\/td>\n

\n

$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Baltimore City<\/span><\/p>\n<\/td>\n

\n

MELATECH<\/span><\/p>\n<\/td>\n

\n

$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Baltimore City<\/span><\/p>\n<\/td>\n

\n

Novel Microdevices, Inc.<\/span><\/p>\n<\/td>\n

\n

$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cecil County<\/span><\/p>\n<\/td>\n

\n

Elk River Brewing Company<\/span><\/p>\n<\/td>\n

\n

$75,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Charles County<\/span><\/p>\n<\/td>\n

\n

Bolans-Darby Partners, Inc.<\/span><\/p>\n<\/td>\n

\n

$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Dorchester County<\/span><\/p>\n<\/td>\n

\n

Lil’ Bitta Bull BBQ, LLC<\/span><\/p>\n<\/td>\n

\n

$50,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Harford County<\/span><\/p>\n<\/td>\n

\n

Havre de Grace Marine Center<\/span><\/p>\n<\/td>\n

\n

$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Kent County<\/span><\/p>\n<\/td>\n

\n

E.L.B. Automotive<\/span><\/p>\n<\/td>\n

\n

$75,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Kent County<\/span><\/p>\n<\/td>\n

\n

Modern Stone Age Kitchen<\/span><\/p>\n<\/td>\n

\n

$100,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prince George’s County<\/span><\/p>\n<\/td>\n

\n

Hair + Space Blowdry and Beauty Company<\/span><\/p>\n<\/td>\n

\n

$50,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total- $1,050,000<\/b><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

For more information on Opportunity Zones in Maryland, visit: <\/span>http:\/\/dhcd.maryland.gov\/OpportunityZones<\/span><\/a>. For more information on the Neighborhood BusinessWorks program, visit: <\/span>https:\/\/dhcd.maryland.gov\/Business\/Pages\/NBW.aspx<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n

# # #<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Neighborhood BusinessWorks Microgrants will support start-up or expanding businesses in designated Opportunity Zones \u00a0NEW CARROLLTON, MD (December 22, 2022) \u2013 The Maryland Department of Housing and Community Development announced today more than $1 million in grant awards to support investment in Maryland\u2019s designated Opportunity Zones. Microgrants ranging from $50,000 to $100,000 were administered through the  Read the Rest…<\/a><\/p>\n","protected":false},"author":119,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7,46,25,26,178,33,28],"tags":[],"class_list":["post-11124","post","type-post","status-publish","format-standard","hentry","category-community-development","category-governor-hogan","category-neighborhood-businessworks","category-neighborhood-revitalization","category-opportunity-zones","category-press-releases","category-small-business-development"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/11124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/users\/119"}],"replies":[{"embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/comments?post=11124"}],"version-history":[{"count":6,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/11124\/revisions"}],"predecessor-version":[{"id":11148,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/posts\/11124\/revisions\/11148"}],"wp:attachment":[{"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/media?parent=11124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/categories?post=11124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.maryland.gov\/dhcd\/wp-json\/wp\/v2\/tags?post=11124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}