Md Dept. of Housing and Community Development Applications to Open for Business Boost Microgrant Program

Microgrants range from $20,000 to $50,000 to assist small businesses with growth and expansion

NEW CARROLLTON, Md. (September 9, 2024) – The Maryland Department of Housing and Community Development today announced the opening date of the next application round of the Business Boost microgrant program. Microgrants range from $20,000 to $50,000 to support small businesses who need capital for growth and/or expansion opportunities.

“A successful Maryland includes thriving businesses,” said Secretary Jake Day. “A Business Boost microgrant will allow entrepreneurs to take the next step to expand and create new job opportunities while strengthening the local economy.”

The Department is offering up to $2 million of Business Boost microgrants through its Neighborhood BusinessWorks program. The program assists small business owners seeking to expand or establish a location with preference given to home-based businesses establishing their first commercial location outside of the home.

To qualify for a Business Boost award, applicants are required to meet one or more of the priority impact attributes that contribute to Maryland’s economic growth, such as supporting minority and women-owned businesses, driving innovation or technology advancements, growing new industries, or leveraging existing regional strengths.

Businesses must also be located within a Maryland Sustainable Communities area to be eligible to apply.

The application window opens on Monday, September 23, 2024 at noon. All applications must be submitted by Monday, October 14, 2024 by 5 p.m.

More information on the Business Boost microgrant program and the application process can be found here.

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CONTACT:
Allison Foster, Director of Communications – allison.foster@maryland.gov