Governor Larry Hogan announced that seven manufacturing and retail businesses will receive $500,000 to expand and grow in Maryland Opportunity Zones.
Opportunity Zones are an economic development tool that provides tax incentives to private investors with unrealized capital gains. The goal is to encourage long-term, private investment from realized capital gains into low-income census tracts around the country.
While there are 589 eligible census tracts in Maryland, per program rules, only 25 percent — or 149 — of these tracts can qualify as Opportunity Zones. Each county has at least one Opportunity Zone, which the U.S. Treasury designated based on nominations from the governor.
This is the second round of awards made through the Maryland Department of Housing and Community Development’s Neighborhood BusinessWorks Program. The first round of grants was awarded in January 2021.
“Our state has been working hard to supercharge investment and make Maryland’s 149 Opportunity Zones the most competitive ones in America,” said Governor Hogan. “Maryland Opportunity Zone funds have already received more than $333 million of equity investments, and we continue to see an expansion of businesses, new jobs, and much-needed affordable housing in these areas.”
According to a press release, awardees for the second round of microgrants, subject to local approval, are:
|Baltimore City||Zest Tea, LLC||$100,000.00|
|Charles||Discovery Lane, LLC||$70,000.00|
|Kent||Twigs and Teacups Chestertown LLC||$100,000.00|
|Washington||Crist Instrument Co Inc.||$50,000.00|
|Wicomico||Mason-Dixon Machining, Inc.||$50,000.00|
|Wicomico||Quality Staffing Services, Inc.||$49,600.00|