The NoMa Business Improvement District has launched a Retail Opportunity Fund that will provide grants totaling $70,000 to businesses that apply and qualify. Grants to individuals range from $5,000 to $25,000.
The Business Improvement District (BID) of Washington, D.C.'s NoMa neighborhood has launched a Retail Opportunity Fund that will provide grants totaling $70,000 to businesses that apply and qualify.
Individual grants range from $5,000 to $25,000.
Existing NoMa businesses and businesses planning to open nearby are eligible to apply.
Grant recipients can use the funds to cover up to 50% of eligible project costs, including storefront improvements, signage, outdoor dining enclosures, lighting, landscaping and other improvements. The grant does not cover soft costs such as salaries, rent, or recurring business expenses.
To qualify, businesses must also be locally owned.
“Local entrepreneurs and small businesses will be able to take advantage of this impactful opportunity designed to continue to make NoMa attractive,” said Maura Brophy, NoMa BID President and CEO. I encourage that.”
The 35-square-block NoMa neighborhood includes approximately 60 restaurants and retail stores and six hotels. Hotels also contribute to his BID rating by room.
The NoMa BID, like other business improvement districts, uses funds from business assessments for neighborhood maintenance and beautification, public safety, marketing and events, programs to assist homeless people, and more.
NoMa is one of the fastest growing residential areas in Northeast DC. For five years, NoMa has led the nation's new apartment construction by ZIP code, delivering approximately 7,400 new apartments. The Union Market District has seen a 72% increase in new apartment construction since 2017. NoMa is home to his nearly 30 apartment and condo buildings.
Eligibility requirements and grant applications can be completed online. The application deadline is March 17th.
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