The Montgomery County Economic Development Corporation will be administering a new state-funded $3.4 million grant program for local nonprofit groups and begin accepting applications in July, the organization announced.
The MoCo Economic Development Grant Program for Nonprofits will provide competitively selected grants ranging from $10,000 to $20,000. It is intended for those groups that have one of more initiatives in four priority areas: minority entrepreneurship, STEM education, research and innovation development, and small-scale manufacturing.
The grants will range from $10,000 to $20,000. In addition, one group from the applicant pool will be chosen to receive a $100,000 grant and one will be given a $50,000 grant. The awards will go to “programs that best demonstrate a substantive impact on the Montgomery County economy in one or more of the four identified priorities,” according to the announcement.
To be eligible for a grant, nonprofits should have annual revenues of no more than $2 million and no less than $50,000 for the most recent fiscal year. The eligible initiatives must have started March 2020 or later, and nonprofits have until the end of 2021 to use the funds.
“With limited funds and so many worthy nonprofits, this grant program is targeted to local nonprofits making an impact in critical economic development areas like minority entrepreneurship and STEM education,” Benjamin H. Wu, MCEDC president and CEO said in the announcement. “We see these grants as not only an investment in the work of the selected nonprofits, but also an investment in Montgomery County’s future.”
Grant applications will be accepted starting at 10 a.m., Tuesday, July 6 and must be submitted to MCEDC by 5 p.m., Friday, July 16. The funds will be distributed to the chosen nonprofits by September 1.
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