NoMa Retail Opportunity Fund
The NoMa BID launched the NoMa Retail Opportunity Fund in February 2024 offering grants between $2,500-$25,000 to enhance NoMa’s vibrant and evolving streetscape. These grants aim to support existing NoMa retailers while providing incentives for independent, small, locally owned businesses to establish stores in NoMa.
Grant Recipients
How It Works
The NoMa BID launched the NoMa Retail Opportunity Fund to support and incubate businesses in key retail spaces within the NoMa BID boundary. The Fund provides grants ranging from $2,500-$25,000 to incentivize businesses to make targeted investments in their storefronts and adjacent public spaces, ultimately enhancing NoMa’s vibrant and evolving streetscape.
Applicants eligible to receive funding through the NoMa Retail Opportunity Fund include:
- Retail tenants with a current lease in the NoMa BID
- New retail tenants committed to obtaining a lease within the NoMa BID
Letter of Interest (LOI)
Interested parties are invited to submit a Letter of Interest (LOI) detailing how their proposed project will contribute to the success of their business and contribute to NoMa’s retail vibrancy. An LOI must be submitted by 11:59 PM EST on March 17, 2024, and BID staff will notify all LOI applicants by April 8, 2024 on the status of their application.
Proof of Concept
All applications must propose a concept for a physical project.
Grant Amount
Grant awards will range from $2,500-$25,000 depending on the scale of the proposed project among other eligibility criteria and competitiveness.
Proof of Funds
Grant awards will vary depending on project scale and will be capped at not more than 50% of the total “permissible expenses” for the proposed retail project. Prior to final selection, applicants will be required to provide reasonable proof of funding for the remaining balance of the eligible project costs.
Applicant Eligibility Criteria
Geographic Boundary
An applicants must have an existing retail space, or be dedicated to obtaining a retail lease, within the NoMa BID. For applicants with a new retail lease, the term of the lease must be at least five years. For applicants with existing leases, there must be at least three years remaining in the lease term.
Community Impact
An applicant must (or will) have a storefront presence (meaning ground-level, pedestrian accessible premises) within the NoMa BID such as, but not limited to, restaurants, bars, stores, services, entertainment, and experiential concepts.
Duration of Ownership
An applicant must have at least two+ years of retail ownership or experience with a positive track record and proven stability.
Ownership Composition
An applicant’s concept must be locally owned (meaning that not less than 51% of controlling interests must be owned by individuals residing within the National Capital Region). An applicant must be independently operated. National chains and franchises are not eligible to receive a grant from the NoMa Retail Opportunity Fund.
Legal Structure & Compliance with Regulations
An applicant must have no record of foreclosures, receiverships, bankruptcies, or similar actions within the last three years.
Business Status
An applicant must represent a for-profit business.
Business Registration
An applicant must be registered to do business in the District of Columbia.
Business License
An applicant must possess a valid business license for the District of Columbia.
Contact Information
For more information or questions about applying for this program, contact:
Brian Smith
Senior Director of Planning and Economic Development
NoMa BID
(202) 961-6334
[email protected]
Danielle Contorer
Senior Associate of Planning and Economic Development
NoMa BID
(240) 814-3480
[email protected]