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The City of Albuquerque is making $10 million in small business grants available beginning this week, thanks to legislation passed by the city council and signed into law by the mayor earlier this month.
The program, introduced by Councilors Bassan and Jones and passed unanimously by the city council, appropriates up to $10 million from federal CARES Act funding for a new small business and non-profit relief program. Mayor Keller signed the legislation last week.
Under the program, eligible businesses can receive up to $10,000 to pay rent, fund payroll or cover operating costs. Any previous awards from city, county or state grants would be deducted from the final amount (an earlier city program made grants of up to $5,000 available for a limited number of businesses selected through a lottery).
The program application opens today and the first round of applications closes on October 30. The city says that additional rounds may be opened if all of the funds are not expended in the first round.
- 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.