The City of Takoma Park’s Open for Business Grant encourages businesses to locate within the City or expand their current Takoma Park space. Grant funds can be applied where most needed, whether to support capital expenditures and hard costs related to new business fit-out, existing tenant improvements, or serve as a one-time subsidy to offset cost of lease.
Ground-floor businesses outside of the Old Town commercial district may be funded at up to $6/square foot. Old Town businesses, and upper-floor businesses elsewhere in Takoma Park may be funded at up to $4/square foot. The maximum award to any single business is $10,000.
Eligible applicants are businesses opening or expanding in the City of Takoma Park, with an ownership deed or a signed lease of at least three years for the property with a start date no earlier than October 1, 2023. Businesses may not have received prior funding from the City of Takoma Park, must be in Good Standing with the State of Maryland and in compliance with all City, County, and State regulations, and have a valid Use & Occupancy Certificate.
Awards will be made on a rolling basis as long as funds are available. 50% of the grant amount will be given at the time of execution of Grant Agreement. The remaining 50% will be awarded at the time of the business’ Grand Opening or re-opening, which must be within six months of approval.
