NoMa Retail Opportunity Fund

The NoMa BID launched the NoMa Retail Opportunity Fund in February 2024 to enhance NoMa's vibrant and evolving streetscape by offering grants to support existing NoMa retailers and provide incentives for independent, small, locally owned businesses to establish stores in NoMa.

Award Amount: $2,500 - $25,000 depending on the scale of the proposed project and other eligibility criteria

Geographic Scope: NoMa BID boundary in Washington, DC (35 blocks just north of Union Station)

Focus Areas:

• Storefront improvements and enhancements
• Exterior signage and wayfinding improvements
• Outdoor dining spaces and patio creation
• Public art installations and murals
• Entrance improvements and canopies
• Retail space activation and customer experience enhancement

Eligibility Requirements

Applicant Type:

• Retail tenants with a current lease in the NoMa BID
• New retail tenants committed to obtaining a lease within the NoMa BID

Location Requirements:

• Must have an existing retail space or be dedicated to obtaining a retail lease within the NoMa BID
• For new retail leases: minimum 5-year lease term required
• For existing leases: minimum 3 years remaining in lease term
• Must have ground-level, pedestrian-accessible storefront (restaurants, bars, stores, services, entertainment, experiential concepts)

Business Requirements:

• Minimum 2+ years of retail ownership or experience with positive track record and proven stability
• Locally owned: not less than 51% of controlling interests owned by individuals residing within the National Capital Region
• Must be independently operated
• Not eligible: National chains and franchises
• For-profit business structure required
• Registered to do business in the District of Columbia
• Valid DC business license required
• No record of foreclosures, receiverships, bankruptcies, or similar actions within the last 3 years

Funding Restrictions:

• Grant awards capped at not more than 50% of total "permissible expenses" for the proposed retail project
• Applicants must provide proof of funding for remaining balance of eligible project costs

Project Requirements

• All applications must propose a concept for a physical project

Application Process

Step 1: Letter of Interest (LOI)

• Submit an LOI detailing how the proposed project will contribute to the success of the business and NoMa's retail vibrancy
• Previous deadline mentioned: March 17, 2024 at 11:59 PM EST (this date has passed; current timeline unclear)
• BID staff notifies all LOI applicants of application status (previous notification date: April 8, 2024)

Step 2: Proof of Funds

• Prior to final selection, applicants must provide reasonable proof of funding for the remaining balance of eligible project costs

Required Materials:

• Letter of Interest describing the project
• Proof of retail lease or commitment to obtain lease
• Proof of funding for project costs not covered by grant
• Business registration and licensing documentation
• Business ownership documentation showing local ownership composition