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.
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