City of Albuquerque: Small Business Economic Relief Grant
UPDATE: These specific Small Business Relief Grants are a one-time payment of up to $10,000. Albuquerque City Council amended the ordinance regarding the grants to allow for businesses who had previously received $10,000 or more in COVID-response funding from other state, county, or municipal sources to be eligible for this grant, but businesses who have already received payment from the Small Business Relief Grants are not eligible to apply again.
The City of Albuquerque Economic Development Department (EDD) seeks to provide financial support to local for-profit small businesses impacted by the public health emergency to reimburse the costs of business interruption caused by required restrictions. The Small Business Economic Relief Grant will support the economic sustainability of Albuquerque small businesses and preserve jobs. Grants will cover payroll, rent, utilities, inventory, other necessary business expenses, or other direct business losses due to destabilizing events associated with the COVID-19 pandemic.
Amount: $10,000,000 is available to make grants of up $10,000 each.
- The business must have 50 or fewer full-time employees (two part-time employees will be equivalent to one full-time employee)
- Business must be registered, have their place of incorporation, and be physically located within the Albuquerque city limits
- The business must have experienced financial hardship due to COVID-19
- The business must have been in business for at least 1 year
- Funds must be deposited into a business bank account and only be used for business expenses
- Business owners must provide summary of results of the grant after six months of receipt
- Franchised businesses that are franchisor-owned will not be eligible for award
- Franchises that are independently-owned and operated businesses registered within the state of New-Mexico are eligible for award subject to the remaining conditions of the program
- Adult entertainment and adult retail establishments, nightclubs, bars and smoke shops, will not be eligible for award
Deadline: Grants will be awarded through three rounds:
- Round 1 cycle: October 26 – October 30, 2020
- Round 2 cycle: November 9 – November 13, 2020
- Round 3 cycle : November 30 – December 11, 2020
|Funder||City of Albuquerque|
|Eligibility||For Profit Organization|
|Sector||COVID-19 Emergency Response, Economic Development/Job Training|